The have been a number of important changes from July 2021, from the increase in allowable SMSF members from 4 to 6, through to indexation of contribution caps and the transfer balance cap. As a result, the team at Smarter SMSF has been working on a number of amendments and updates to fund documents and…
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With the Australian Taxation Office (ATO) having information available on an individual’s personal transfer balance cap (‘personal cap’) from 15 July 2021, the reliance on such information is going to present significant problems due to the current transfer balance account reporting (TBAR) framework that exists for SMSFs. Much like the concept of ‘garbage-in, garbage-out’ (GIGO),…
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Whilst much of the media attention focuses on the Senate finalising the ‘Your Future, Your Super’ bill (after a number of amendments), we have seen today as part of the same Senate sitting, two other superannuation-related Bills that have finally been passed. These Bills, having been in ‘limbo’ for some time are: Treasury Laws Amendment…
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Using a speech at a Liberal Party federal council meeting in Canberra, the Prime Minister, Scott Morrison has announced an extension to the current temporary 50% minimum pension reduction for accounts-based income streams, in a move that clearly puts a stake in the ground to target self-funded retiree voters in the lead up to the…
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The Government announced a number of measures in this year’s Federal Budget that were generally positive news for the SMSF sector. Like many announcements, there is naturally more ‘devil in the detail’ when it comes to these measures being released by Treasury as an exposure draft for consultation. Recently, the SMSF Association has sought clarity…
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