Category: Blog
Retirement income strategy covenant: Treasury paper released
Treasury on 19 July 2021 released its position paper on the proposed introduction of a retirement income covenant for superannuation trustees. The covenant is intended to codify the requirements and obligations for super trustees (including SMSFs) to improve retirement outcomes for individuals. E..Read More
Super re-contributions of COVID-19 early release amounts will not be counted as part of the non-concessional contribution cap
The ATO has confirmed the basic operation of the COVID-19 re-contribution amendments contained in the Treasury Laws Amendment (More Flexible Superannuation) Act 2021. The ATO said individuals who received a COVID-19 early release of super amount will be able to re-contribute up to the amount t..Read More
Super funds and the risk of failing an APRA performance test
Trustees of superannuation funds need to closely monitor how much investment risk they are taking relative to the benchmark to be used in the APRA performance tests for MySuper products from 1 July 2021. In a recent article, Tim Unger, Senior Director of Investments at Willis Towers Watson, warns t..Read More
SMSF membership increase: ATO interim admin solution
From 1 July 2021, SMSFs and small APRA funds can have up to 6 members following legislative amendments. The ATO said it is currently implementing the necessary system changes to enable SMSFs to add members 5 and 6 to their fund through the Australian Business Register (ABR). The ATO recommends tha..Read More
SMSF new changes
The following super reform Bills received Royal Assent on 22 June 2021 (after being passed by Parliament on 17 June): Treasury Laws Amendment (More Flexible Superannuation) Bill 2020 (Act No 45 of 2021). The Bill implements the 2019-20 Budget measure to extend the bring forward age limit to 65 a..Read More
ATO releases new version of SMSF Independent auditor’s report (IAR)
The ATO has recently released a new version of the Self-managed super fund (SMSF) independent auditor’s report (IAR) (NAT 11466-07.2021) form that SMSF auditors must complete for all audits from 1 July 2021. The new version of the IAR must be used for any audits that SMSF auditors complete o..Read More
Family law super splits: interest rate for adjusting base amount
The Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2021 was registered on 17 June 2021. It specifies the interest rate to be used for adjusting the "base amount" allocated in a court order or a superannuation agreement under the Family Law Act 1975 that splits a fu..Read More
Your Future, Your Super Bill passed with amendments, awaits assent
The Treasury Laws Amendment (Your Future, Your Super) Bill 2021 awaits Royal Assent after being passed by both Houses on 17 June 2021 with 8 Government amendments in the Senate (to which the House of Reps agreed). The Bill implements the Government's Your Future, Your Super (YFYS) reforms from ..Read More
SMSF membership limit increase Bill passed, awaits assent
The Treasury Laws Amendment (Self Managed Superannuation Funds) Bill 2020 awaits Royal Assent after being passed on 17 June 2021 by both Houses without amendment. The Bill will commence from 1 July 2021, provided that it receives Royal Assent by 30 June 2021. The Bill increases from 4 to 6 the ma..Read More
Superannuation information for family law proceedings: exposure draft
On 31 May 2021 Treasury released exposure draft Treasury Laws Amendment (Measures for Consultation) Bill 2021: Superannuation information for family law proceedings. The draft legislation proposes to amend the TAA 1953 and the Family Law Act 1975. The amendment is to create an "information shar..Read More