News

Pensions

Legacy pension exits hinge on Div 296 progress

A plan to allow legacy pension exits may be derailed if the Division 296 tax does not become a reality as the former is designed to ease the application of the latter.

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NALI/NALE

Revised NALE LCR released for comment

A revised version of LCR 2021/2 incorporating the NALE rules that become law at the start of the financial year has been released for comment.

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Business News, SMSF

SuperConcepts strikes fourth 2024 partnership

SuperConcepts will provide its software, administration and technical services to a large listed advice group in the fourth partnership announced since it moved to private ownership.

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ATO, Compliance

Loans to mask illegal early access rising

An increasing number of SMSF trustees and members are attempting to classify the illegal early access of benefits as loan arrangements.

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Pensions

Discretion timing may worsen breaches

SMSF members seeking ATO discretion regarding failures to pay minimums may find response times get in the way of taking immediate action to address the problem.

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SMSF, Tax

Div 296 window closing

The government is running out of time to pass the Division 296 tax bill this year as other items on its legislative agenda fill in the few remaining sitting days.

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SMSF

Sector thriving as assets pass $1 trillion

Despite regular criticism of its operation, the SMSF sector’s growth to more than $1 trillion in assets shows it is thriving, according to the SMSF Association.

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Contributions

Contributions deductibility not a given

Certain circumstances or actions can prevent an individual from claiming a tax deduction for a personal superannuation contribution.

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Death benefits, Superannuation

Stepchild super status no longer clear

The status of stepchildren to be considered as superannuation beneficiaries is no longer as clear cut as it once was, with common law moving ahead of official guidance.

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ATO, SMSF

New funds dominated by middle-agers

The number of middle-aged people setting up an SMSF has continued to rise, with more than 50 per cent of new funds established by people between 35 and 50 years of age.

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