The Super Members Council urges the Australian government to remove the 30-hour work threshold that denies teenagers access to superannuation contributions, Accountants Daily reports.
Research indicates that 90% of teenagers do not meet this requirement, resulting in significant financial losses in retirement savings, estimated at $368 million annually for approximately 505,000 teenage workers.… read more
From www.smsfadviser.com: The ATO has expressed concerns over trustees failing to update asset valuations, which could lead to increased scrutiny during audits.
Trustees must comply with the Superannuation Industry (Supervision) Act by obtaining accurate market valuations annually, a requirement that has been in place since the 2012-13 financial year.… read more
From sophiegrace.com.au: Changes effective from 10 January 2025 permit superannuation trustees to charge advisory fees, provided they obtain written consent from members and the fees are related to personal advice about superannuation interests.… read more
From www.smsfadviser.com: Younger Australians are increasingly adopting Self-Managed Superannuation Funds, and need to consider insurance options like Permanent Incapacity insurance.
The regulations allow members to access their superannuation earlier due to permanent incapacity, a condition where members cannot engage in gainful employment due to ill health.… read more
From www.smsfadviser.com: To classify an asset as an in-house asset, it is essential to first identify related parties to the fund.
All members of the fund are considered related parties, and the definition extends to include specific relatives and their spouses, as well as trustees of the fund.… read more
New regulations allow for the commutation of market-linked pensions and complying lifetime pensions commenced within Self-Managed Superannuation Funds (SMSFs), reports www.smsfadviser.com.
These changes, effective from December 7, 2024, permit the commutation of select legacy pensions that were previously non-commutable.… read more
From www.accountantsdaily.com.au: One in four Northern Territory workers are affected by underpaid superannuation, with over 25,000 employees losing an average of $2,110 each in the year 2021-22, totaling $54.4 million annually.… read more
From www.accurium.com.au: Trustees of Self-Managed Superannuation Funds must formulate and regularly review an investment strategy that considers whether to hold insurance for one or more members of the fund, as required by SIS Regulation 4.09.… read more
From www.smsfadviser.com: SMSF trustees in Victoria face new tax increases, particularly a significant rise in the congestion levy for commercial property owners.
The levy for CBD car parking spaces will jump from $1,750 to $3,030, while those in surrounding suburbs will increase from $1,240 to $2,150, representing over a 70% hike.… read more
From www.khq.com.au: On December 19, 2024, Treasury published the first edition of its ‘Regulatory Initiatives Grid’ to help financial services businesses engage effectively with regulators.… read more
From www.heffron.com.au: The superannuation sector in Australia, particularly the SMSF (self-managed superannuation fund) sector, faces different types of risks, with large industry funds experiencing systemic challenges, such as delays in processing death benefits, as highlighted by ASIC’s action against Cbus.… read more
From cgw.com.au: An SMSF can purchase real property from a related party only if the property qualifies as business real property, which must be used wholly and exclusively in a business.… read more
From accurium.com.au: The new Treasury Laws Amendment impacting legacy pension recipients, outlining the benefits, challenges and potential implications on social security entitlements. … read more
From morningstar.com.au: Cognitive decline, peaking in financial decision-making capacity around age 53 and investment skills around age 70, can indeed pose a risk to your retirement, with dementia-related conditions exacerbating the risk.… read more