News : Superannuation

Legislation, SMSF, Superannuation, Tax

$3m cap issue with reserves

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

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

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Compliance & Regulation, SMSF, Superannuation

Foreign transfers limited by timelines

Foreign super fund Transfer Residency Lump sum payment

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

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ATO, SMSF, Superannuation

Drawdown approval contemplated

SMSF ATO Illegal early access withdrawal approval

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.

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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

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

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

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ATO, Compliance & Regulation, Superannuation

Illegal early access to be measured

ATO SMSF illegal early access

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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Superannuation, Tax

Death glitch contained in new tax bill

superannuation earnings tax SMSF deceased member

A distinct abnormality is contained within the draft legislation pertaining to the $3 million soft cap with regard to deceased super fund members.

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Administration, Strategy, Superannuation, Tax

Deductibility of deed changes not uniform

Tax deductibility Trust deed amendment legal expenses

Determining whether legal fees arising from a trust deed amendment are tax deductible will hinge on the nature of the expenses in question.

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