Pensions: end of financial year actions

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Now that the end of the 2022/23 financial year is almost here, superannuation members who are currently receiving pensions need to take certain actions. First: Ensure that the minimum amount

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Higher income limits for Seniors Health Care

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The legislation to significantly increase the cut-off limit for entitlement to the Seniors Health Care has been enacted.  Now the relevant cut-off limits are $90,000 for a single (previously $61,284)

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October Budget 2022 – super aspects summary

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Increase in Com Penalty Unit Increase to $275 (presently $222) Operative date 1 January 2023 Example – breach of operating standard (such as failing to keep separate assets held by

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Superannuation and testamentary trusts

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You may be aware that toward the end of 2021, in a private ruling[1], the ATO confirmed the tax payable in respect of a gift of superannuation to a member’s

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SUPERCentral releases new compliance technology platform

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For advisers and accountants the new compliance technology incorporates a large range of digitised wealth management documents needed to develop and manage client wealth strategies while also ensuring compliance remains

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ATO to provide super details in family law property matters

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An amendment bill has now been introduced into Parliament to permit the Australian Taxation Office (ATO) to provide details about the superannuation accounts of a party to a Family Law

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Best interest now best financial interests

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Previously, trustees of self managed superannuation funds were required to perform their duties and exercise their powers in the best interests of the beneficiaries of the fund. This requirement was

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Michael Hallinan reviews recent superannuation changes

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Six member SMSFs finally arrive Why have a 6 member SMSF? A 6 member SMSF may be relevant to situations where a parent or a couple have children who are

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SMSFs transacting with former spouse, cousins or friends

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A question we get from time to time is whether the trustee(s) of an SMSF can enter into transactions with a fund member’s former spouse whether the transaction is a

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Pension asset CGT exemption from NALI ends 30 June 2021

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From 1 July 2021, if a non-arm’s-length capital gain is made by a segregated current pension asset on or after 1 July 2021, it will be treated as non-arm’s length

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