The recently released Exposure Draft of Treasury Laws Amendment Instrument 2024 – SMSFs – legacy retirement product conversions and reserves marks a significant shift in how legacy retirement products are managed within the self-managed superannuation fund (SMSF) sector. Specifically, the regulations relax commutation restrictions on certain superannuation income streams and allow for more flexible management…
The Labor Government as part of their election promise stated that it would not make any ‘major changes’ to superannuation in their first term of Government, other than to define what superannuation should exist for. The reality is that we have seen some key announcements by the Government, including the controversial proposal to introduce Division…
With the Government releasing Treasury Laws Amendment (Better Targeted Superannuation Concessions) Bill 2023 for consultation, much of the attention will rightly be given to the calculation of earnings, however, it’s one of the earnings adjustments that has caught my eye and whilst its exclusion is welcome you can’t help but wonder why the Government have…
The release of an exposure draft by Treasury for consultation has ultimately seen what was expected from within the SMSF industry – that is, the Federal Government wasn’t really interested in listening to many of the concerns about the proposed measures to better target superannuation concessions for individuals with balances above $3.0 million. The concerns…
The Federal Government has introduced into Parliament, the Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 (on 13 September 2023), which amends the non-arm’s length income (NALI) rules within s.295-550 of the ITAA 1997 to deal with non-arm’s length expenditure (NALE) that relate to general expenses of a fund.…
