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/ 2020

MYEFO has (potential) hidden gem for legacy pensions

17 Dec 2020
The Federal Government released today its Mid-Year Economic and Fiscal Outlook (MYEFO), noting that the delayed 2020 Federal Budget was only released on 6 October 2020. There was an interesting proposed change to enable the partial commutation of certain non-commutable pensions included in the MYEFO papers.
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Contributions: which comes first, acceptance or the cap?

14 Dec 2020
A question that is often asked is “Can I make a contribution to my super fund?”. This is the wrong question to ask. In fact, there are two questions that should be asked in relation to a superannuation contributions.
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SMSF lending money to a related party – why the structure of the related party is crucial

24 Nov 2020
For several years, breaching the in-house asset rules and the prohibition on lending to a fund member or a relative of a fund member or providing financial assistance to a fund member or their relative using the financial resources of the fund, have consistently been in the top three audit contraventions.
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ATO clarifies reporting of death benefit rollovers

12 Oct 2020
The ATO has updated its guidance for when a dependent beneficiary rolls over a death benefit to another superannuation fund. Clarification has been provided that there is no requirement to include an element untaxed on the Death Benefit Rollover Benefit Statement (RBS).
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Latest on SMSFs from the ATO and parliament

7 Sep 2020
On 1 September the ATO released their awaited guidance on the transfer balance cap (TBC) assessment of commuted market linked and life expectancy (term) pensions.
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Actuaries Institute exposes problems with life expectancy figures

19 Aug 2020
The Actuaries Institute Retirement Incomes Working Group has published a research note which looks at the importance of accurate calculations of life expectancies in retirement planning. Our very own Technical Services Manager, Melanie Dunn, assisted with this research and is passionate about helping retirees and advisers understand their longevity risk.
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Defined benefit pension solvency issues expected

1 Jul 2020
SMSFs paying legacy defined benefit pensions require an actuarial valuation each year to ensure they remain solvent. Upcoming solvency tests will be based on asset values as at 30 June 2020. Despite a partial recovery in equity markets since the lows of March, prices have been impacted across almost all asset classes.
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Changes to ECPI delayed

30 Jun 2020
Assistant Treasurer Michael Sukkar announced yesterday that the changes to exempt current pension income (ECPI) that were announced in the 2019 Federal budget have been delayed.
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SMSF annual return lodgements

9 Apr 2020
With the 15 May 2020 deadline fast approaching for the 2018-19 SMSF annual returns (SAR) lodgement for many SMSFs, the Australian Taxation Office (ATO) has recognised that some accountants and auditors may require more time due to the impact of the COVID-19 pandemic.
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Action needed on legacy pensions

24 Feb 2020
Various industry bodies, including the SMSF Association and the Tax Institute, have all raised the need for reform to help retirees trapped in legacy income streams in self-managed superannuation funds (SMSFs). The Actuaries Institute has now joined the chorus for change with its own submission to Treasury.
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