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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The registering of Treasury Laws Amendment (Enhancing Superannuation Outcomes) Regulations 2022 has provided the final piece to the contributions puzzle that will start from 1 July 2022. The budget measures announced a range of contribution changes, with the greatest interest arguably in the removal of the ‘work test’ for voluntary contributions from subregulation 7.01(3). Whilst removed…
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There is a growing importance in the effectiveness of SMSF pension documentation. Historically there may have been a ‘gap’ in the provision of various SMSF compliance documents, and a somewhat heavy reliance on SMSF software providers to support practitioners with these templates. In recent times we have seen expectations of fund documentation increase…
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As we inch closer to this year’s federal election, there was always a sense of urgency around the finalisation of key superannuation measures announced in the 2021/22 federal budget. With a limited number of sitting days available, we have seen the Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill…
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The 2022 year is shaping as an interesting one, with a federal election ahead (May 2022) playing an important part of the future superannuation landscape. Whilst much of the focus will be on whether a new government is formed, there are plenty of opportunities ahead with the SMSF sector. To understand some of these opportunities,…
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