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Superannuation

Payroll tax cuts in regional Victoria

Payroll tax cuts in regional Victoria

New data has shown how businesses across regional Victoria have taken advantage of the Victorian Government’s regional payroll tax cuts.  The number show businesses have saved more than $31 million in the first financial year it was introduced.

Accountants: Be careful with your SMSF services

Accountants: Be careful with your SMSF services

The activities that accountants without an AFSL provide to self-managed super funds (SMSFs) have been clarified by a recent Australian Securities and Investment Commission (ASIC) guidance note.

Standards shake-up for Financial Advisors

Standards shake-up for Financial Advisors

Amongst the tidal wave of criticism of the financial planning industry in the wake of the royal commission, education and ethical standards is one area a new amendment to the Corporations Act will seek to address from 1 January 2019.  

ATO’s 2017/18 areas of focus for SMSFs

ATO’s 2017/18 areas of focus for SMSFs

At the SMSF National Conference we heard James O’Halloran, Deputy Commissioner of Superannuation give a speech outlining the areas of focus for the balance of the financial year. The speech confirmed that a key component of the ATO is education to prevent breaches before they occur, especially in light of the recent superannuation reforms, but with some specific enforcement priorities.

SMSF – extended time for annual returns this year

SMSF – extended time for annual returns this year

In a move welcomed by SMSF trustees (and their advisors!) the ATO has announced the extension of the lodgment date for self managed superannuation fund (SMSF) annual returns for the 2016/17 year to 30 June 2018. The ATO has confirmed that because 30 June 2018 falls on a Saturday, lodgment can occur on Monday 2 July 2018 without penalties.  
 

Who gets your super when you die?

Who gets your super when you die?

For many people, their super is one of their most significant assets. But many people do not understand what happens to their super benefits (called death benefits) when they die.

Proposed draft laws for the introduction of the $1.6 million super pension cap

Proposed draft laws for the introduction of the $1.6 million super pension cap

The Government has released the second round of  draft rules for the implementation of the superannuation reform package announced in the 2016-2017 budget. This tranche includes the draft legislation for the proposed $1.6 million super pension cap, which essentially limits the amount that a member can hold in a pension account to $1.6 million from 1 July 2017.

Controversial $500,000 lifetime non-concessional contributions cap scrapped

Controversial $500,000 lifetime non-concessional contributions cap scrapped

The announcement of the $500,000 lifetime non-concessional contributions cap in the 2016-2017 budget was not only controversial, especially given what was widely perceived as its retrospective operation, but raised many questions as to how it would be applied. The Government has announced that the proposed lifetime cap will not proceed but will be replaced by a new measure.