Beware when transferring property title
From www.smsfadviser.com: SMSF trustees must obtain a clearance certificate and provide it to the purchaser when selling or disposing of Australian real property to avoid a 15% withholding tax.… read more
Superannuation
CA ANZ pushes for government to scrap super tax policy
From www.accountantsdaily.com.au: CA ANZ is urging the government to abolish the Superannuation (Better Targeted Superannuation Concessions) Bill 2023 due to significant design flaws, including the lack of indexation on the $3 million asset cap and the taxation of unrealised capital gains.… read more
legacy pension commutation when asset test involved
From www.smsfadviser.com: SMSF trustees should avoid making changes to legacy pensions that are exempt from the asset test until a clear government position is established.… read more
TR 2013/5 workable solutions needed
From smsmagazine.com.au: The SMSF Association has called for additional ATO guidance regarding anomalies related to Taxation Ruling (TR) 2013/5, which affects compliance for death benefit pensions and transition-to-retirement income streams (TRIS).… read more
TBC increase can create problems
From www.smsfadviser.com: The increase in the transfer balance cap to $2 million is seen as beneficial, but it may create complexities for individuals based on their previous pension usage, according to Fabian Bussoletti, a technical manager for the SMSF Association.… read more
Are the benefits of investing in property with your super overstated?
From prosolution.com.au: Borrowing to invest in property through SMSFs has shown asset growth, but the potential benefits are often overstated, particularly regarding CGT advantages and negative gearing.… read more
Industry funds cautioned to lift standards
From www.professionalplanner.com.au: Andrew Inwood, at the Chair Forum, warned that nearly 24% of superannuation members switch funds upon retirement, primarily due to financial advice.
He emphasized that industry funds must enhance their services to retain members, as consulting with an adviser is the biggest driver of retirement confidence.… read more
Recovery of Outstanding SGC
From cathropartners.com.au: The Superannuation Guarantee Charge represents the amount employers must pay for eligible employees when they miss mandatory superannuation contributions.
Starting from 1 July 2024, the Fair Entitlements Guarantee Recovery Program will pursue unpaid SGC from employers in liquidation, while the Australian Government’s new law, effective 1 January 2025, criminalises non-payment of superannuation in certain situations, classifying it as wage theft.… read more
Financial Services in Focus – Issue 98
From hallandwilcox.com.au: A roundup of recent developments in superannuation, financial product advice, financial markets, anti-money laundering, insurance, banking and other financial services regulation.… read more
Tips for winding up market linked pensions
From www.heffron.com.au: Many clients are considering winding up their large market linked pensions due to a recent amnesty, but there are potential downsides, such as reduced tax-exempt income and difficulties related to personal tax liabilities.… read more
Does failure to make minimum pension payments really cause a super pension to cease?
From sladen.com.au: The ATO’s updated ruling TR 2013/5 states that failure to make minimum pension payments can cause a superannuation pension to cease, which the author disputes, arguing that such failure does not terminate the pension as long as the superannuation fund rules comply with SIS Regulations.… read more
Outlook 2025
From www.macquarie.com: Macquarie expects 2025 to be a favorable year for Australian investors, driven by falling interest rates, resilient domestic GDP growth, and a positive global economic backdrop.… read more
What is a will and how to plan a good death
From www.sbs.com.au: Dani’s experience following her mother’s death highlighted the importance of preparing for the legal and financial complications that arise when someone dies.
Creating a will, organizing superannuation beneficiaries, and understanding the implications of debts can ease the burden on grieving loved ones.… read more
Legacy pension reforms
From www.fssuper.com.au: The Federal Government has quietly started reforming legacy pensions.
Following the September 2024 release of draft regulations the Treasury Laws Amendment (Legacy Retirement Product Commutations and Reserves) Regulations 2024 has now been officially registered and took effect as of 7 December 2024.… read more
CSLR advice sector levy hits $70m for FY26, Jones launches review
From www.smsfadviser.com: Minister Stephen Jones announced a comprehensive review of the Compensation Scheme of Last Resort after the levy for financial advisers surged to $70.11 million for the fiscal year 2025–26, more than tripling the sector cap.… read more