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Reduction to downsizer age – an early Christmas present

18 Dec 2022
Treasury Laws Amendment (2022 Measures No. 2) Bill 2022, which contains the reduction to the Eligibility age for a downsizer contribution, received Royal Assent in 12 December 2022). This means from 1 January 2023, a superannuation fund can accept eligible downsizer contributions from members who are aged 55 years and over. 
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Accurium leads the way in providing options for ECPI choice 

7 Dec 2022
The Accurium actuarial certificate application provides the ability to toggle between the election to apply ECPI choice or not before you submit and finalise the actuarial certificate application. This allows our clients to complete a comparative analysis of ECPI outcomes for a fund of applying ECPI choice or not. 
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Incorrectly correcting a TBAR can lead to loss of ECPI 

30 Nov 2022
In a recent update to the ATO’s website (QC 70859), the ATO reminds fund trustees that there are important steps to follow when they are amending a transfer balance account reporting (TBAR) or responding to the ATO Commissioner’s commutation authority (CCA). 
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It’s beginning to look a lot like Christmas, which means defined benefit review time

17 Nov 2022
As we roll into the festive season, well at least the supermarkets are (I’ve already had my fill of fruit mince pies!), it’s time to review SMSFs that have defined benefit pensions, particularly for those that are asset test exempt for Centrelink purposes.
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Is the Age Pension relevant for SMSF retirees? 

15 Nov 2022
As at the end of June 2022 ATO statistics show over 41% of all SMSF members were aged 65 or older and may be considering their eligibility for Age Pension. Age Pension age has been steadily increasing over the past five years from 65 as we head towards an Age Pension age of 67 from 1 July 2023.
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All quiet on the super front, but there’s still unresolved issues…

26 Oct 2022
The new Labor Federal Government handed down its first budget last night. As expected, there was a focus on measures to deal with inflation and the cost of living. The upcoming 1 July 2024 legislated personal income tax cuts have been left alone (for now) and there was an array of savings announced. Whilst there was speculation on changes to superannuation, including a potential $5m cap on the amount a person can have inside superannuation, there were no new superannuation measures announced.
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Non-lapsing BDBNs … there is no debate

17 Oct 2022
Non-lapsing BDBNs ... there is no debate. Our Head of Education Mark Ellem was joined by Matthew Burgess who presented a technical webinar to help attendees assess how their SMSF death benefit nomination stacks up.
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September updates ease cost of living pressures for retirees

4 Oct 2022
On 20 September 2022 the maximum Age Pension entitlement increased to $1026.50 a fortnight for singles and $1547.60 per couple ($773.80 for each member). The rates are indexed on 20 March and 20 September each year to maintain their value against increases in the cost of living.
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Ethical choices are not always clear

27 Sep 2022
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New rules permit certain SMSF legacy pension to be commuted

21 Sep 2022
From an SMSF perspective, the new SIS regulations will allow a member to commute their market linked income stream (MLIS) (also known as a ‘term allocated pension’) to the extent of an excess transfer balance account amount included in a commutation authority. However, this new measure will only apply to an MLIS commenced on or after 1 July 2017.
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Accurium claims two awards in the SMSF Adviser 2022 SMSF awards

8 Sep 2022
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Implementing ECPI choice rules through SMSF administration platforms

26 Aug 2022
To assist practitioners with understanding the new rules and the practical implementation of the ECPI choice for SMSF clients Accurium recently collaborated on three webinars with leading SMSF administration platforms: BGL, Class and SuperMate.
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