Superannuation
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Changes proposed for annual super performance test
- 10 May 2024
- Posted by: GJ North
- Category: Superannuation
No CommentsThe annual super performance test was introduced in 2021, by the previous Coalition government, as a way to hold registrable superannuation entity (RSE) licensees to account for any super fund underperformance through enforcing greater transparency. The annual test, conducted by the Australian Prudential Regulation Authority (APRA), also allowed members of funds and products to move to better-performing funds and improve their retirement outcomes.
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More information: super on paid parental leave
- 10 May 2024
- Posted by: GJ North
- Category: Superannuation
In a bid to improve retirement outcomes for Australian women, the government has recently announced that from 1 July 2025 it will commence paying super on government paid parental leave (PPL), along with making other changes to expand the PPL scheme.
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Small Business Superannuation Clearing House and SMSF bank account validation
- 10 May 2024
- Posted by: GJ North
- Category: Superannuation
To safeguard retirement savings held in self managed superannuation funds (SMSFs) from fraud and misconduct, the ATO is rolling out new security features.
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Paying super on expanded government paid parental leave
- 10 May 2024
- Posted by: GJ North
- Category: Superannuation
The Treasurer has announced that the Federal Government will pay superannuation on paid parental leave from 1 July 2025. The intention is that the superannuation will be administered by the ATO, meaning that employers will not have to process these payments on the government’s behalf.
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Australia’s love affair with SMSFs continues
- 7 May 2024
- Posted by: GJ North
- Category: Superannuation
Establishing a self managed superannuation fund (SMSF) offers a variety of benefits, so it is perhaps no surprise that in the latest data released by the ATO, the number of SMSFs in Australia continues to grow as more people seek to take advantage of the control and flexibility offered.
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Superannuation: pension transfer balance cap 2024–2025
- 7 May 2024
- Posted by: GJ North
- Category: Superannuation
The transfer balance cap which limits the amount of capital that can be transferred into a tax-exempt retirement phase will not increase for the 2024–2025 income year, based on the release of December 2023 consumer price index (CPI) numbers from the Australian Bureau of Statistics (ABS). This means the figure will remain at $1.9 million for the 2023–2024 and 2024–2025 income years.
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ATO’s continued focus on illegal early release of super
- 8 February 2024
- Posted by: GJ North
- Category: Superannuation
As 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