With financial markets having gone into free fall since the end of January, this has not only had a significant impact on the super balances of fund members, but has also heightened a range of compliance issues across the SMSF industry. This includes the potential impact on in-house asset (IHA) arrangements, which was flagged with…
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We are seeing first hand the devastating effects from the coronavirus pandemic and its impact on business generally. Whilst some have thrived (e.g. think supermarkets), many have closed their doors due to Government intervention to stop the spread of this virus. This has resulted in many businesses, not only standing down staff but also wondering…
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As part of the economic response package to the global impact of the coronavirus, the Federal Government has introduced into Parliament the Coronavirus Economic Response Package Omnibus Bill 2020 which includes a temporary reduction to the drawdown amounts from accounts-based pensions, which include Market Linked Pensions (also known as Term Allocated Pensions). In the same…
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Amongst the actions taken by the Federal Government as part of its economic response to the coronavirus is the temporary reduction to the minimum pension drawdown for accounts-based pensions. This measure provides for a 50% reduction to the minimum pension for 2019-20 and 2020-21. Since the introduction of the transfer balance cap (TBC) on 1…
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The government has announced today (22 March) the second round of measures as part of its economic response to the coronavirus. This includes a range of measures that have a direct impact on superannuation, which includes: Temporary early release of superannuation Temporarily reducing super minimum pension drawdown rates Reducing social security deeming rates This blog…
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