News : Superannuation

Superannuation

Peak TBA level fixes indexation

TBA level TBC indexation

The highest recorded transfer balance account amount determines how much of the transfer balance cap indexation an individual is entitled to use.

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Retirement, Superannuation

Majority of retirees running out of super

retirees run out of super

New research has found most retirees currently run out of super well before their death, contrasting recent claims they are sitting on large sums.

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Superannuation, Tax

NALE no-action period extended

NALE ATO action

The ATO will not take action in regards to non-arm’s-length expenses for another year, but has yet to decide on a final position on the matter.

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Superannuation

Contributions cap breaches not catastrophic

Contributions cap breach

A breach of the contributions caps is not a complete disaster as it does not even constitute contravening the superannuation legislation.

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Superannuation

Super must be used better

superannuation used better

The federal government has identified the need to encourage individuals to find better ways to use their superannuation savings as a key area of focus in the coming years. Speaking at the Council on the Ageing Australia National Policy Forum 2021: Retirement Incomes in Canberra recently, Superannuation, Financial Services and the Digital Economy Minister Jane […]

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Superannuation

No specific top-up measures

superannuation top up

The government won’t be introducing extra measures to top up the super balances of people who made use of the coronavirus-related early release provisions.

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Regulation, Superannuation

TBC indexation set for July

TBC indexation

Indexation of the general transfer balance cap will occur on 1 July, leading to a departure from a standard figure for super fund members.

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Strategy, Superannuation

Recontribution strategy can help retain assets

recontribution retain SMSF assets

The ability to retain key assets within an SMSF upon the death of a member can be assisted through the use of a withdrawal and recontribution strategy, a technical manager has said.

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Superannuation

Intent most important for nil-balance members

nil balance SMSF member

The intention of an SMSF member with a nil balance can be the determining factor as to whether their inclusion in a fund will be problematic.

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Superannuation

Cost-competitiveness of SMSFs proven

SMSFs running costs

SMSFs with balances of $200,000 or more are as cost-effective as public offer funds, new research into running costs has shown.

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