18 July, 2019
In a speech given earlier this year, the ATO’s Assistant Commissioner for Superannuation, Dana Fleming, focused on the risk areas that the ATO had identified as being of most concern — and as being most in need of action. Each year the ATO analyses its data to identify the key risk areas that then form
[ Read More ]The Financial Adviser Standards and Ethics Authority (FASEA) has released the legislative instrument and explanatory statement for its examination standard. The legislative instrument was informed through consultation received in 26 submissions during the legislative instrument final consultation process for this standard in December 2018 and January 2019. Under the final standard, FASEA has reduced
[ Read More ]Whether or not the trustee of a complying superannuation fund can accept member contributions for those aged between 65 and 75 depends on the member satisfying the “work test”. The work test requires a member to have been gainfully employed for at least 40 hours in a period of not more than 30 consecutive
[ Read More ]When calculating a super benefit, it is necessary to identify and determine the value of the various components that make up the benefit. The law around superannuation dictates that the tax-free component and taxable components of a member’s payment must be paid in the same proportion as the tax-free and taxable components of the
[ Read More ]The ATO has issued guidance on its approach to commutation requests, which is an essential piece of information for SMSF trustees because it explains which commutation requests will not be subject to an ATO review. The practical compliance guideline concerned is PCG 2017/5. With recently introduced superannuation rules now in effect (from 1 July
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