News : Superannuation

Superannuation, Tax

Early election could delay new tax

Division 296 tax Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) bill SMSF Self-managed superannuation SMSF Association NALE

The proposed Division 296 tax may not pass through parliament until 2025 if an election is announced in August.

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Retirement, Superannuation

Post-retirement employment fine

SMSF Self-managed superannuation Condition of release definition of retirement

Starting a new job after having legally retired will not mean a person will lose the tax benefits from an existing income stream.

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Legislation, Superannuation, Tax

New tax labelled an SMSF attack

Parliament Division 296 tax Kylea Tink Indexation Independents

Independent members of parliament have called the introduction of the Division 296 tax as an attack on SMSFs to force their members into other funds.

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Economy, Superannuation

Industry backs paid parental leave super

Paid parental leave Federal budget

The decision to pay superannuation on paid parental leave has been widely supported as an effective measure to close the gender gap in retirement for women.

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Superannuation

Coalition reveals attitude to super

Angus Taylor Opposition Coalition Superannuation Retirement income

The shadow treasurer has outlined the approach a future coalition government will use with regard to superannuation policy.

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Aged Care, Superannuation

Proposal for super to fund aged care

Aged Care Financing Taskforce Aged Care Superannuation Objective of super

A government-appointed taskforce has recommended those with higher superannuation balances should fund their aged-care requirements as this is consistent with the objective of super.

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Superannuation, Tax

Senate delays Div 296 report

Division 296 tax Senate Report SMSF Association Superannuation

A Senate committee report examining the proposed Division 296 tax will now come out in May after being pushed back by three weeks.

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Pensions, Superannuation

TBC calculation all inclusive

Transfer balance cap Calculation Excess transfer balance Defined benefit pensions Federal Court

The recipient of two defined benefit pensions has lost a court case to have them excluded from the calculation of his excess transfer balance, failing to prove they were not covered by tax laws.

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Contributions, Superannuation

Second splitting request not permitted

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

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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