News : Superannuation

Retirement, Superannuation

Retirement income covenant captures SMSFs

retirement income superannuation

The retirement income covenant will apply to all super funds, including SMSFs, and will carry similar obligations to those required for investment strategies.

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Superannuation

Service providers back up trustee tasks

SMSF service providers

The past year has highlighted that while SMSF trustees can administer and run their fund themselves, having an able service provider makes that task much easier.

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ATO, Superannuation

SuperStream start date set

SuperStream rollover

SMSF trustees and planners are being advised by the ATO to prepare for the SuperStream rollover changes set to apply from 1 October.

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Superannuation

Indexation won’t cause admin cost increase

SMSF indexation

The implementation of indexation to super thresholds, such as the transfer balance cap, is unlikely to cause a rise in SMSF administration charges.

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Pensions, Superannuation

Drawdown relief applies to all pensions

minimum drawdown pensions

The reduced minimum pension that will now apply for the 2022 financial year is not restricted to account-based pensions.

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Regulation, Superannuation

Six-member funds to be a reality

Six member SMSFs

Six-member SMSFs could become a reality by the start of the new financial year after parliament passed legislation allowing their creation.

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Pensions, Superannuation

Minimum pension to stay halved

minimum pension drawdown

The minimum pension drawdown rate will remain at 2.5 per cent for another year as the government extends this COVID-19 relief measure for retirees.

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Pensions, Superannuation

ECPI draft legislation released

ECPI draft legislation

Two years after announcing changes to ECPI, the government has released draft legislation for industry consultation on the move.

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Pensions, Superannuation

Work test, legacy pension details clarified

work test bring forward

The government has clarified how the proposed work test and non-concessional contribution bring-forward rules outlined in the budget will operate.

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Residential Property, Superannuation

SMSF residency rules simplified

SMSF residency rules

Changes to SMSFs residency rules, including the scrapping of the active member test, are expected to significantly simplify the superannuation system.

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