Up until 30 June 2022, a person a person aged 67 – 74 years can only make or receive voluntary contributions (both concessional and non-concessional) into their super fund if they met the work test – that is, they must have been gainfully employed (i.e. worked) for at least 40 hours over a 30 day…
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We have progressively seen the Government make minor and technical amendments to the 2017 super reform measures to remove anomalies, correct unintended consequences and generally improve the quality of the laws. One area that has require such amendments has been to address excess transfer balance amounts that have arisen from previous capped defined benefit income…
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In the lead up to the Federal Budget each year, we see the Government strategically drip-feed information to the media about announcements that will form part of the budget papers. This year, we have seen the Government announce prior to the budget an extension of the current 50% temporary reduced minimum pension for the 2022-23…
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It’s fair to say that it’s been a somewhat of a rocky start for SMSFs to comply with the SuperStream rules for rollovers to, and from, an SMSF since 1 October 2021. To comply with the SuperStream rules and enable a rollover, data must be sent electronically between the funds via SuperStream – this requires…
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The ATO released a draft Law Administration Practice Statement on 15 December 2021, PSLA 2021/D3: Superannuation – Commissioner’s discretion where members receive benefits in breach of legislative requirements, on circumstances where the Commissioner can apply discretion in subsection 304-10(4) of the ITAA 1997 where a member receives superannuation benefits in breach of legislative requirements. Where…
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