superannuation

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

[ Read More ]

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.

[ Read More ]

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

[ Read More ]

ATO takes aim at serious SMSF non-compliance

ATO takes aim at serious SMSF non-compliance. Speaking at national superannuation conference in late August, the ATO’s superannuation assistant commissioner Kasey Macfarlane highlighted a number of issues that the ATO will be taking a keen interest in over the coming year. Chief among these concerns, Macfarlane said, was the fact of serious non-compliance from SMSF

[ Read More ]

SuperStream and SMSFs: Your employer will need some details, quick

The ATO has advised that as of October 28 this year, all employers will be required to be SuperStream compliant. The previous deadline of June 30 was extended, as by mid-June the ATO discovered that many (if not most) small businesses had trouble meeting that deadline. The end of October was picked, but that too

[ Read More ]

$500,000 cap scrapped — and other superannuation “changes” announced

First of all, one wonders what has stayed the same in the rolling circus of superannuation reforms. $500,000 cap scrapped — and other superannuation “changes” announced The government has just announced what it terms “improvements” to the superannuation announcements that it made in the 2016-17 federal budget. In a media statement, Kelly O’Dwyer, Minister for

[ Read More ]

Is breaking up harder for couple members of an SMSF?

Breaking up a marriage or relationship is hard on many levels, and the money put aside in superannuation is another (often substantial) asset that needs to be dealt with when couples have to consider dividing possessions in the event of a split. Naturally there are regulations drafted to deal with dividing super fund interests, however

[ Read More ]

Report: Retirees spend modestly, despite levels of income

New research has revealed that most retirees do not spend as much as has been thought in retirement, and that this does not vary as much as expected regarding income levels — apart from the lowest income households. The study also suggests that policy proposals regarding superannuation tax concessions may miss the mark as far

[ Read More ]

Proposed non-concessional cap reform a drag on ATO resources

In a speech given to a national SMSF conference, ATO deputy commissioner for superannuation James O’Halloran admitted that the government’s budget superannuation changes, even though these are yet to pass Parliament, are already having a significant impact on the ATO’s capacity to cope. “We have already seen some examples of these increased expectations emerging with

[ Read More ]

Myth busted: Retirees tend to not run down super savings quickly

A report released by the Actuaries Institute last week on retirement income showed that drawdown behaviour of retirees are similar across the board, regardless of the size or type of retirement savings accounts. Retirees super savings quickly The Actuaries Institute’s Retirement Income Market Report, which it labelled as “the most comprehensive study of Australian superannuation

[ Read More ]