Are all your SMSF eggs in one basket?
Read why the investment strategies of Self Managed Superannuation Funds (SMSFs) are under scrutiny with the ATO contacting 17,700 trustees about a lack of asset diversity.
Read why the investment strategies of Self Managed Superannuation Funds (SMSFs) are under scrutiny with the ATO contacting 17,700 trustees about a lack of asset diversity.
By 30 June 2019, five major financial institutions paid $119.7 million in compensation for poor financial advice to 6,318 customers. The question is, how are these payments treated for tax purposes? The tax treatment varies according to why the compensation was paid and who the payment was made to. Compensation payments are made for a…
Effectiveness of tip-off line has led ATO to dub it “crime stoppers” for tax Tip-offs to the Australian Taxation Office (ATO) have reached an all-time high with close to 60,000 tip-offs received between June and May 2019 – almost double the number of the previous year. The ATO thinks the number of tip-offs will reach…
Client Alert – Protecting your super reforms from 1 July 2019 To protect the super balances of all Australians being eroded by unnecessary fees and costs, the Federal Government has introduced the “Protecting Your Super” reforms which passed parliament on 18 February 2019. This new legislation will apply from 1 July 2019. It includes cancelling insurance for inactive members,…
The 1 July changes From 1 July 2019, new laws prevent superannuation providers from eroding member balances with unwanted or unnecessary insurance and exit fees. Plus, inactive accounts with low balances will be moved to the ATO to try and unite the unclaimed super with its owner. These changes do not apply to self-managed superannuation…
Superannuation Superannuation ‘work test’ watered down & age limit for spouse contributions increased Date of effect 1 July 2020 As previously announced, from 1 July 2020, Australians aged 65 and 66 will be able to make voluntary superannuation contributions (concessional $25,000 p.a. and non-concessional $100,000 p.a.) without meeting the Work Test. Currently, voluntary contributions…
Legislation in limbo A budget, an election and the legislation that hasn’t made it through. The February 2019 Parliamentary sitting days were the last opportunity before the Federal Budget for the Government to introduce or push through new legislation. Next month, on 2 April, Parliament reconvenes for the Federal Budget and it’s likely that an…
What you need to do 1 July 2019 is not that far away. If your business does not already use STP compliant software, you may need to upgrade your systems or implement new ones. STP requires PAYG withholding and superannuation contribution details to be reported to the ATO as payments are made to employees or…
Super provides income for your workers in retirement Here’s how to run a quick check of your super obligations to make sure you’ve got everything sorted. 1. Check you’re paying super to all eligible workers. Some contractors may be entitled to super. 2. Check you’re paying the right amount. Currently, you…
Confusion reigns over superannuation transfer balance cap A recent speech by the ATO’s Assistant Commissioner for Superannuation demonstrates the very practical problems with the new superannuation rules. The $1.6 million transfer balance cap (TBC) that limits the amount you can hold in a superannuation pension requires trustees to be aware of how close they are…