Miller Super Solutions founder Tim Miller mentioned that SMSF practitioners have pinpointed older pension strategies and are re-visiting them but missed the important key aspects that they must properly understand. According to Mr. Miller, these strategies only causes problems for the transition of retirement pensions, mostly...
Those who are currently heading towards retirement will have the benefit of compulsory retirement savings for at least half of their working lives as the Superannuation guarantee approaches its more two decades of existence. The Association of Superannuation Funds of Australia (ASFA) reported that those workers...
BT launched a new wealth operating system platform that claims to be a new way of managing clients’ SMSFs in a more efficient way. It promotes to help advisors and accountants and clients to collaborate seamlessly into one place to access all information and stay...
There are several key compliance issues that ATO has discovered that raised a red flag for them to start contacting and investigate SMSF advisers that lodge unaudited SMSF annual return. This includes tax agents that charged the trustee for an audit that never occurred. Another...
The ATO is presently focusing on SMSFs pension phase, the stage where super fund pays a superannuation income stream or pension and the earnings on those pension assets are exempt from tax, as a part of its SMSF compliance program. It is important for trustees...
Prime Minister Tony Abbott confirmed that the government won’t ever increase the superannuation taxes despite the treasury department suggested the government was looking at changing super tax concessions. This is in accordance with the promise made by Liberal Party during pre-election which is not to...