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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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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