Currently the SIS Regulations allows for all super funds, other than SMSFs to provide data to regulators and transfer payments between funds using the secure electronic payment and data verification system known as SuperStream. For SMSFs currently, it requires the processing of rollovers manually and often involve multiple interactions between the SMSF member at current…
Treasury has released for draft consultation the amendments to extend the work test exemption for recent retirees. This announcement was made in the 2018-19 Federal Budget, whereby it makes amendments to the non-concessional contributions (NCC) rules in the ITAA 1997 to complement proposed amendments to the contribution acceptance rules within the SIS Regulations (SISR 7.04).…
In this week’s podcast, Aaron looks at the proposed new downsizer contribution rules that were announced in the 2017-18 Federal Budget and are currently before Parliament with a commencement date of 1 July 2018 (once through both Houses of Parliament and has received Royal Assent). Aaron explore the new downsizer contribution rules including: who qualifies…