Superannuation
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ATO’s continued focus on illegal early release of super
- 8 February 2024
- Posted by: GJ North
- Category: Superannuation
No CommentsAs a new calendar year commences, the ATO’s priorities in the self managed super fund (SMSF) sector remain consistent. As in previous years, the greatest area of concern for the ATO continues to be taxpayers illegally accessing their super before meeting a condition of release. While it notes that the vast majority of SMSFs follow the rules, those that do not are having a significant impact on the system.
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SMSF compliance activity escalation
- 2 October 2023
- Posted by: GJ North
- Category: Superannuation
The ATO has ramped up compliance activity in the self managed super fund (SMSF) space in response to an increasing number of funds that have been identified as not complying with superannuation obligations. For the 2023 year, the ATO says it has issued double the amount of tax and penalties when compared with the 2022 income year, and the number of disqualifications has tripled.
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Beware SMSF schemes: residential property purchase
- 24 September 2023
- Posted by: GJ North
- Category: Superannuation
The ATO has warned taxpayers against entering into a scheme through their self managed superannuation fund (SMSF) which claims to allow individuals to purchase property using money from their super.
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Minimum pension payment changes
- 19 July 2023
- Posted by: GJ North
- Category: Superannuation
Retirees who draw an account-based pension from their super need to be aware that the 50% reduction in the minimum pension drawdown rate for superannuation and annuities which applied for previous years will no longer apply from 1 July 2023
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Employers to pay super at same time as wages
- 1 June 2023
- Posted by: GJ North
- Categories: Government, Superannuation
The government has announced that from 1 July 2026, employers will be required to pay their employees’ super at the same time as their salary and wages (ie payday super). The three-year lead time is to give businesses, super funds, payroll providers and other parts of the superannuation system sufficient time to prepare for the change.
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Superannuation and independent contractors: fresh Full Federal Court guidance
- 9 May 2023
- Posted by: GJ North
- Category: Superannuation
In February 2022, the High Court handed down a landmark decision in ZG Operations v Jamsek, which clarified the test for determining whether a worker is an employee or an independent contractor.
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Super tax concession changes: consultation
- 9 May 2023
- Posted by: GJ North
- Category: Superannuation
As flagged earlier in the year when the announcement was made, the Federal Government recently released a consultation paper on its proposal to reduce super tax concessions for individuals with super balances over $3 million, including those with self managed super funds (SMSFs).
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Superannuation tax break changes
- 13 March 2023
- Posted by: GJ North
- Category: Superannuation
In an attempt to repair the Federal Budget and lower the overall national debt, the government is seeking to introduce changes to the way superannuation in accumulation phase is taxed over the threshold of $3 million.
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Future of superannuation
- 17 December 2022
- Posted by: GJ North
- Category: Superannuation
The Federal Government has showed its hand in terms of potential future changes to the Australian superannuation system. The Assistant Treasurer and Minister for Financial Services, Stephen Jones, recently outlined two main areas the government will be focusing on.
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Compliance with super laws: ATO’s approach
- 19 October 2022
- Posted by: GJ North
- Category: Superannuation
When it comes to legal compliance by self managed superannuation fund (SMSF) trustees, the ATO’s main focus is on encouraging trustees to comply with the super laws. However, there are occasions when stronger responses are required.