News : Superannuation

Second splitting request not permitted

March 8, 2024

Concessional contribution Contribution splitting Superannuation BT Financial Group

SMSF members only have one opportunity to make an application to split a concessional contribution with a spouse in a given financial year.

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Contributions, SMSF, Superannuation

No TBC indexation in 2024

general transfer balance cap indexation superannuation Craig Day Colonial First State

February 9, 2024

Jason Spits

The general transfer balance cap will stay at the current level for the next financial year, but contribution cap changes will add confusion to bring-forward thresholds.

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Legislation, SMSF, Superannuation, Tax

$3m cap issue with reserves

Total superannuation balance $3 million soft cap tax Superannuation reserves Concessional cap

January 25, 2024

Darin Tyson-Chan

The treatment of reserve allocations to members for the purpose of the $3 million soft cap is problematic and can have significant adverse outcomes.

Foreign transfers limited by timelines

Foreign super fund Transfer Residency Lump sum payment

January 25, 2024

Darin Tyson-Chan

The Australian superannuation rules make lump sums paid from overseas pension schemes attractive but perhaps unachievable.

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Superannuation, Tax

Death pension anomaly with $3m cap

$3 million soft cap tax Death benefit Total super balance Calculation methodology

January 12, 2024

Darin Tyson-Chan

A vital element of the calculation methodology regarding a person’s total super balance for the $3 million soft cap is yet to be revealed.

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ATO, SMSF, Superannuation

Drawdown approval contemplated

SMSF ATO Illegal early access withdrawal approval

December 15, 2023

Todd Wills

In an effort to curb cases of illegal early access, the ATO may introduce an additional compliance requirement before funds can be released from an SMSF.

Examination of SMSF retirement income role

Retirement income covenant Superannuation Treasury SMSF

December 15, 2023

Jason Spits

The government will examine how superannuation is being used in retirement and has asked how SMSFs are managing risks and maximising income for members.

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SMSFA, Superannuation, Tax

Senate implored to reject new tax

SMSF Association $3m soft cap tax superannuation earnings tax unrealised capital gains

December 1, 2023

Jason Spits

The SMSF Association is calling on crossbench senators to reject the government’s $3 million soft cap bill introduced into parliament yesterday.

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Legislation, Superannuation

Super wars side chosen

superannuation wars NALE earnings tax Angus Taylor

November 17, 2023

Jason Spits

The government’s legislative agenda has reignited the superannuation wars and clearly shows it has sided against the SMSF sector.

Illegal early access to be measured

November 17, 2023

Jason Spits

The ATO has commenced a new program tracking the impact of illegal early access from SMSFs in an effort to identify those most likely to engage in the practice.

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