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30/11/2017As always, the latest superannuation statistics from the Australian Prudential Regulation Authority ("APRA") - being for the 12 months ending 30 September 2017, makes interesting reading. Set out below are some key observations in relation to the continued growth of industry funds (compared to retail funds) and self managed superannuation funds.
30/11/2017A critical element of the new superannuation system is the transfer balance account. The ATO will establish and maintain a transfer balance account for each taxpayer who has one or more superannuation interests in retirement phase (or, in other words, for each taxpayer who has one or more superannuation interests which are currently enjoying the earnings tax exemption).
30/11/2017The ATO had originally required TBARs (transfer balance account reports) to be submitted to the ATO within 10 business days of the end of the month in which the relevant transaction occurred. For example if a new pension commenced on 2 January 2018 then the TBAR report for this transaction must be lodged by 14 February 2018.
30/11/2017While the concession is generous and will reduce administrative burdens on SMSFs (and thereby costs), it may be better not to apply the concession but to lodge TBARs soon as possible after the event has occurred.
30/11/2017The next start date for our online 'scenario based' course, EPAdvantage 'Real Life Estate Plans', is 8 February 2018.