News : Superannuation

Superannuation

Early release of super release extended

superannuation early release extended

Superannuation fund members facing financial hardship have been given a longer window in which to access retirement savings under the early release scheme.

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ATO, Superannuation

Early super release eligibility under question

early release super

Penalties could still be issued to individuals who gained early release to super under COVID-19 relief measures but may ruled ineligible after the act.

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ATO, Superannuation

SMSFs to ignore off target letters

ATO SMSFs letters

SMSFs that have received a letter requiring them to report claims for a contribution deduction should ignore them as they do not apply.

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Regulation, Superannuation

Work test changes to start on 1 July

work test changes

Changes lifting the ages for the work test and spouse contributions will begin from 1 July 2020 after enabling regulations were registered late last week.

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ATO, Compliance & Regulation, Superannuation

Early access problems explained

early access SMSF

SMSFs unable to secure early access to their funds are likely to have outstanding returns, according to the ATO.

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Superannuation

SISFA recalibrates trustee offering

SISFA trustees membership

The Self-managed Independent Superannuation Funds Association (SISFA) has enhanced its membership offering for SMSF trustees and will add more services.

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Superannuation, Tax

Retaining rent charge not NALI

SMSF rent NALI

An SMSF landlord that does not reduce a tenant’s existing rent expenses will not trigger a breach of the non-arm’s-length income (NALI) rules.

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Superannuation

Broadening of early super access unlikely

Early superannuation access

Legislative amendments that would allow more Australians to access their superannuation benefits early as a COVID-19 economic relief measure are unlikely, according to an industry body.

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Superannuation

If in doubt, take total super relief

Early access super relief

Clients should be advised to withdraw the full amount allowable from their superannuation fund early if this COVID-19 relief measure is required, a technical expert has said.

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Pensions, Superannuation

Govt announces temporary super and pension measures

superannuation pension relief

The federal government has announced it will allow early access to superannuation for people under financial stress as a result of COVID-19.

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Our Story

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