News

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Dealing with excess before-tax super contributions

May 5, 2021

Making extra before-tax contributions into super (called concessional contributions) can help boost a person’s retirement savings. But fund members need to be aware of the implications for when they exceed the concessional contributions cap. Since 2013-14, when the excess concessional contributions refunding scheme came into effect, individuals exceeding their concessional contribution cap will accrue a…

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Evidencing SMSF property valuations

May 5, 2021

The ATO recently clarified the evidence that is required to support real property valuations within SMSFs, particularly in light of the unique challenges brought about by COVID-19. Under SMSF regulations, assets must be valued at market value in an SMSF’s accounts and financial statements each year. SMSF auditors need to be in possession of sufficient…

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Managing your superannuation transfer balance account

April 2, 2021

Most people think of retirement as a time to put your feet up and relax, but it can also be a time when pre-retirees and retirees alike actually need to flex the grey matter. With all the rules and regulations swirling around the superannuation sector these days, it’s not unusual for those nearing retirement to…

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The SMSF sector has been growing by $62,400 every minute

March 2, 2021

The latest annual statistical report from APRA has been released, covering the 2020 income year but only made public at the end of January 2021. Total superannuation industry assets were $2.9 trillion as at 30 June 2020. Of this total, $1.9 trillion was held by APRA-regulated superannuation entities and $0.7 trillion was held by self-managed…

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SMSF regulations to allow six members under new legislation

SMSF regulations to allow six members under new legislation

October 2, 2020

A bill has been introduced into Parliament that partially implements a measure to allow an increase in the maximum number of allowable members in self-managed superannuation funds and small APRA funds from four to six. First floated in the 2018-19 Federal Budget, the remainder of the measure is to be implemented through regulations. The bill…

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COVID 19 and SMSF rental relief

COVID-19 and SMSF rental relief

September 1, 2020

The Federal Government announced a six-month moratorium on evictions of commercial and residential tenants during the COVID-19 health pandemic. This moratorium (and its accompanying code of conduct leasing principles) will inevitably affect SMSFs, which are reasonably heavily invested in real property, according to statistics. Leasing principles A moratorium on evictions means that SMSF landlords face…

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Has your super fund got you covered for insurance

Has your super fund got you covered for insurance? With COVID-19, maybe not.

August 3, 2020

From 1 July 2019, the government adopted new rules that aim to prevent the unnecessary erosion of people’s retirement savings through inappropriate insurance arrangements. As part of the rules, super providers, excluding SMSFs and small APRA funds, are unable to provide insurance by default when an account has been inactive for more than 16 months.…

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Concerns on property development and SMSFs

Concerns on property development and SMSFs

June 3, 2020

The ATO, as regulator of self-managed superannuation funds, has reported an increase in the number of SMSF trustees entering into arrangements involving buying and then developing property (either with related or unrelated parties) that is subsequently sold or leased. Trustees should be aware that the ATO is taking an active interest in property development investments…

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APRAs early release from super data

APRA’s early release from super data

June 3, 2020

APRA’s early release from super data The statistics show that up to 17 May… 1.59 million applications had been made under the early release from superannuation scheme 1.41 million payments were made at an average of $7,510 each Time taken to make payments averaged 3.3 business days, with 94% paid within five business days For…

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Limited options to access your super early

Limited options to access your super early

March 3, 2020

Photo by AbsolutVision on Unsplash There are very limited circumstances when you can access your superannuation savings earlier than when you meet what the ATO calls a “condition of release” — which for most people generally means achieving a certain age and retiring. The other limited circumstances mainly relate to specific medical conditions, severe financial…

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