Blog

1 Nov 2021
In addition to the ECPI choice of calculation measure and introducing the ‘work test’ for personal deductible superannuation contributions, Treasury Laws Amendment (Enhancing Superannuation Outcomes for Australians and Helping Australian Businesses Invest) Bill 2021, introduced to the lower house on October 27, 2021, included a number of other superannuation related matters.
1 Nov 2021
The 2021 Federal Budget included a proposed measure that from 1 July 2022, the work test would no longer be required to be met by individuals aged 67 to 74 for voluntary contributions like non-concessional contributions and salary sacrifice contributions.
26 Oct 2021
The Government introduced to the lower house on October 27, 2021, Treasury Laws Amendment (Enhancing Superannuation Outcomes for Australians and Helping Australian Businesses Invest) Bill 2021 that includes six measures, of which five relate to superannuation.
19 Oct 2021
Accurium is delighted to announce it will be joining the CountPlus network. As of 1 November 2021, Key Management Personnel at Accurium together with CountPlus Limited will acquire Accurium from its current owners, Challenger Limited.
1 Sep 2021
In July, the Government released a consultation paper on the long-awaited retirement income covenant. The aim of the new measure is to improve the retirement outcomes of Australian retirees by requiring the custodians of their savings, superannuation funds, to develop coherent retirement income strategies for their members. See our earlier blog for more details.
20 Aug 2021
Nearly two years since the ATO released their draft ruling LCR 2019/D3 to clarify how the 1 July 2018 amendments were to be applied in respect of NALE, we see the release of the final version of the ruling, as LCR 2020/2. The final version of the ruling was expected to address issues raised in many submissions by industry on the draft ruling and whilst it has addressed these issues, not all will be satisfied with the ATO’s responses. In particular, the ATO’s response to the issue of whether there is a nexus between expenditure that is general in nature and all of the fund’s income is not the outcome that industry has welcomed.
12 Aug 2021
Treasury Laws Amendment (2021 Measures No.6) Bill 2021 was introduced into the lower house on 11 August 2021. Schedule 3 to the Bill amends the 1997 Tax Act to remove the requirement for SMSFs and Small APRA Funds to obtain an actuarial certificate when calculating exempt current pension income (ECPI), where all members of the fund are fully in retirement phase for all of the income year.
20 Jul 2021
The Government committed in the 2018-19 Budget to introducing a retirement income covenant for superannuation trustees and consulted on the covenant in June 2018. Treasury released a position paper on 19 July 2021 that reflects the feedback from that consultation process and presents the Government’s refined policy, with the aim of guiding trustees ahead of the covenant being legislated and taking effect from 1 July 2022.
13 Jul 2021
A welcomed announcement out of this year’s budget was the proposed measure to allow those with certain legacy pensions to effectively cease them during a two-year period, which is expected to commence on 1 July 2022. Whilst the measure provides an escape route for those with these pensions which are generally non-commutable, there may be some traps along the way, as well as some being left behind. Let’s consider how this measure may be implemented and what traps could be encountered along the way.
24 Jun 2021
Whilst the focus may be on 2020-21 year-end matters for SMSFs, such as contributions being receipted and minimum pensions paid by 30 June 2021, there are a number of changes taking place on 1 July 2021.
17 Jun 2021
With the release of draft legislation by Treasury on 21 May 2021 for the previous Budget proposal to provide choice to superannuation trustees when determining the fund’s claim for exempt current pension income (ECPI) and to remove a redundant requirement to obtain an actuarial certificate when claiming ECPI for certain funds, it’s time to take a closer look at the implications of the proposed measures, both from a technical and practical application perspective.
31 May 2021
As the current 2020–21 financial year draws to a close, it's time for a quick fire health check to make sure your client's SMSF finishes the year with no compliance issues or missed opportunities.

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