News

ATO, Pensions

Changes made to ECPI calculation rules

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Calculations written on chalkboard

The methodology for calculating ECPI has been changed, allowing trustees in accumulation and retirement phases in one financial year to choose their preferred method of calculation.

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Retirement, Strategy

Work test, contribution bring forward rules eased

The work test rule and the ability to use the bring forward provision for non-concessional contributions have been eased for people aged 66 and 67.

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Documentation

SuperStream start date pushed back to 2021

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SMSFs will have wait nearly 18 months more to access the SuperStream system, which will now be introduced in early 2021.

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Residential Property

House prices down, rents up under ALP negative gearing policy

The Labor Party’s negative gearing policy will result in a rise in housing rents and a fall in prices, according to SQM Research.

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Compliance & Regulation

SMSFA rejects sector inquiry call

The Australian Council of Trade Unions’ call for an inquiry into SMSFs has been labelled totally unwarranted by the sector’s peak body.

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Compliance & Regulation, Retirement

Six-member SMSF legislation dropped

The government has withdrawn the legislation enabling SMSFs to service a maximum of six members.

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Residential Property, Retirement

Home equity release product to aid retirement

Individuals looking to top up their superannuation balances and fund other financial requirements in retirement now have a new facility to do so.

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Compliance & Regulation, Strategy

Six-member SMSF bill may be passed pre-election

The federal government is likely feeling confident its six-member SMSF bill will pass through parliament, given it was introduced last week, an SMSF expert has suggested. 

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ATO, Compliance & Regulation

ATO to release banned SMSF trustee register

The names of banned SMSF trustees will be made more accessible to advisers and the public via a new register from the ATO.

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Investments, Retirement

PM labels franking credit proposal as theft

The Prime Minister has pushed back on Labor’s franking credit proposal, branding it as theft and an unfair tax grab.

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