From www.smsfadviser.com: Natalia Scott, a superannuation adviser, emphasizes the importance of understanding the capacity in which work is performed when calculating non-arm’s length expenses for self-managed superannuation funds SMSFs.… read more
From www.smsfadviser.com: The ATO has issued a warning about misinformation regarding superannuation preservation rules, specifically a false claim that the preservation age would be raised to 70 starting June 1, 2025.… read more
From www.russellkennedy.com.au: U.S. President Donald Trump’s recently implemented “Reciprocal Tariffs” have imposed a minimum 10% tariff on many Australian goods, leading to significant stock market volatility and financial uncertainty, particularly concerning superannuation.… read more
From www.heffron.com.au: The article discusses the implications of Division 296 tax for individuals with more than $3 million in superannuation, particularly focusing on those receiving legacy pensions and potential reserve allocations.… read more
From financialnewswire.com.au: Daniel Mulino has been appointed as the Assistant Treasurer and Minister for Financial Services, taking over from Stephen Jones.
With a background as an economic adviser and chair of the House of Representatives Standing Committee on Economics, Mulino brings substantial experience to his new role.… read more
From www.heffron.com.au: Turning 65 is significant for superannuation as it allows individuals to fully access their superannuation funds without restrictions and offers the most favorable tax treatments, such as tax-free pension payments.… read more
From smallcaps.com.au: Prime Minister Anthony Albanese’s election victory allows Labor to pursue legislation, including a proposed tax on superannuation earnings above $3 million, which aims to be implemented by the 2025/26 financial year.… read more
From www.smsfadviser.com: Using a contribution reserve is an effective strategy for clients looking to reduce their taxable income after a profitable financial year.
With the transfer balance cap raised to $2 million, clients can now make non-concessional contributions if their balance is below this threshold, potentially avoiding Division 293 tax on contributions exceeding $250,000.… read more
From www.smsfadviser.com: SMSF trustees must evaluate their personal circumstances regarding changes in response to the upcoming Division 296 tax, set to be implemented on 1 July 2025.… read more
From www.smsfadviser.com: A reg 13.22C entity cannot invest in a partnership, even if the partnership solely invests in allowable assets such as property and cash.… read more
From: www.fssuper.com.au: SMSF trustees are encouraged to proactively engage with the ATO through its early engagement and voluntary disclosure service to address contraventions of the Superannuation Industry (Supervision) Act.… read more
From www.smsfadviser.com: Recent legacy pension reforms allow non-commutable pensions to be commuted without Centrelink implications if they lack asset-test exemptions.
However, if a non-commutable pension has an asset-test exemption, it may face Centrelink reassessment, potentially resulting in a debt for overpayment of age pension benefits.… read more
From www.bantacs.com.au: Scam emails are misleadingly spreading false information about superannuation, claiming that withdrawals will be tightened and delayed until age 70.
Julia Hartman warns against clicking on links in these emails, as genuine changes would be widely reported through official channels.… read more
From retirementessentials.com.au: Significant changes to retirement income and superannuation will take effect on 1 July 2025, including increased income and asset thresholds for the Age Pension, an increase in the Super Guarantee rate to 12%, and adjustments to the Transfer Balance Cap.… read more
From theconversation.com: The Albanese government plans to increase the concessional tax rate on superannuation account earnings in the accumulation phase from 15% to 30% for balances over A$3 million, affecting about 80,000 account holders.… read more