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ECPI redundant certificate Bill introduced to Parliament, but what about choice?

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.
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Release of retirement income covenant position paper

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.
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Legacy pension conversion – an escape route but watch for some traps!

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.
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What to expect on 1 July 2021

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.
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ECPI draft legislation – a closer look

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.
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Are you ready for the end of 2020-2021?

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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Majority of SMSF practitioners against proposed ECPI changes

26 Apr 2021
Changes to how exempt current pension income (ECPI) is determined announced in the 2019-20 Federal Budget are due to come into force from 1 July 2021. While draft legislation is yet to be released, the proposals suggest SMSF trustees will be given a choice over whether to use the proportionate method or segregated method when claiming ECPI for funds that are solely in retirement phase for a period in an income year.
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Proposed changes to ECPI – what to expect and have your say

21 Feb 2021
The Federal Government has proposed changes to the approach to claiming exempt current pension income (ECPI). Whilst these proposed changes are to commence from 1 July 2021, we are yet to see any draft legislation.
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Release of December quarter CPI consequences for the transfer balance cap

26 Jan 2021
The transfer balance cap (TBC) was introduced as part of the 2017 super reforms to limit the amount a person could transfer to a retirement phase pension, for example an account-based pension. The transfer balance cap started at $1.6m, however, legislation allows for the indexation of the cap in $100,000 increments in line with the All Groups consumer price index (CPI).
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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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