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Second tranche of super changes caps pension transfer balance

The government’s release of the second tranche of proposed superannuation changes, which covers concessional contributions, catch-up concessional contributions and removing the earnings tax exemption for transition to retirement income streams, also proposes introducing a general pension transfer balance cap. This will limit the amount of super a member can transfer to pension phase and enjoy

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Potential pitfalls over which SMSF trustees should step carefully

The continued solid growth in self managed superannuation funds (SMSFs) indicates that plenty of Australians consider themselves at least as capable of successfully managing their retirement savings investments as the professionals (or perhaps more so). With returns from the bigger retail super funds not always impressive, the surge towards SMSFs is not expected to diminish.

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LRBAs with non-arm’s length terms: More guidance (and a warning) from ATO

Back in April this year, the ATO issued a “practical compliance guideline” regarding limited recourse borrowing arrangements (LRBAs) established by SMSFs. The guideline (PCG 2016/5) set out when the Commissioner will accept that an LRBA is structured on arm’s length terms. Following on from this guidance, the ATO has recently published further guidance on these

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ATO warns small businesses: Time running out to meet super payment compliance

The ATO has warned that time is running out for small businesses to start paying their superannuation contributions via the new and mandatory electronic standard SuperStream. The October 28 deadline is only one week away, meaning small businesses (those with 19 or fewer employees) have just one super guarantee payment date left. Assistant commissioner Nicole

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