superannuation

LRBA amounts now included in TSB calculation

The calculation of an individual’s total superannuation balance (TSB) will now include, in certain circumstances, the outstanding LRBA amount attributable to each member’s interest where the fund has an LRBA that was made under a contract entered into on or after 1 July 2018. This will apply if: the LRBA is with an associate of the

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SG amnesty idea re-surfaces, but with an extended period of application

Last year’s 24 May announcement of an amnesty for employers who come forward to correct underpayments of their super guarantee obligations has been resurrected in a new bill. The Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 however extends the period of grace that will allow employers who come clean to not have the usual

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More of us are lining up to retire, despite shrinking savings

A Roy Morgan survey conducted over calendar 2018, and published in the second quarter of 2019, indicates that the number of people intending to retire within a year had increased by 6% on the previous year’s level, and 11% above the 2017 figure. This increase is despite the savings levels of these “intenders” being well

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After TBC indexation (it’s on horizon), members could have a ‘personal’ cap

The ATO’s deputy commissioner, superannuation and employer obligations, James O’Halloran, recently spoke at the Association of Superannuation Funds of Australia’s (ASFA) 2019 National Policy Roadshow. O’Halloran offered many revealing insights into ATO activity and planning regarding its superannuation policy and frameworks (see the full text of his speech here), but among these items he referenced

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Illegal early release from SMSFs on ATO’s high-risk watch list

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

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Keen to maintain your family wealth? Structure spells success

Late in 2018, the comparison website finder.com.au conducted a survey of thousands of Australians and found that about 52% (equivalent to about 10 million citizens if extrapolated to the entire population) did not have a valid will. The risk of dying intestate is of course that one’s assets are likely to be distributed by your

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Time to wind up your SMSF?

There will in all likelihood come a time when you will need to wind up your self-managed superannuation fund (SMSF). The reasons for winding up are many and varied, but could include: there are no members left – they may have passed away or rolled benefits into other funds there are no assets left –

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SG amnesty is not law, but its promise has gathered $100 million so far

  Tax & Super Australia reported recently that the failure of the Superannuation Guarantee Amnesty to pass into law has led to a problem — namely, that employers who came forward after the announcement of the amnesty, via a media release in May 2018, on the expectation of enjoying the amnesty’s benefits, found themselves facing

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