The introduction of the transfer balance cap from 1 July 2017 created an interesting reporting challenge for the SMSF sector that had historically dealt with compliance on an annual basis. The decision to finally land on a two-tiered system based upon a Total Super Balance (TSB) threshold of $1 million to determine quarterly or annual…
The Federal Government announced a number of proposed changes to super and SMSFs in this year’s Federal Budget (2021-22) – see our previous blog post. Many of these were lauded as positive for superannuation – expanding contribution opportunities, along with addressing long overdue SMSF issues with legacy pensions and the inequities in the existing residency…
The Government has released an exposure draft for the introduction of a retirement income covenant within the SIS Act from 1 July 2022, with SMSFs a notable absentee. This is a distinct change from the position paper that was subject to consultation over the past couple of months which was clear that the covenant would…
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),…
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…
