SUPERCentral News
A recently released Private Binding Ruling (reference details at the end of the article) has highlighted the need to ensure that the ATO paperwork is correct before you lodge your tax return.
Each 1 July, the deeming rate thresholds and the “tax free area” are indexed with reference to the Consumer Price Index.
When the Federal Parliament was prorogued to facilitate the 2 May 2025 election, all Bills then before Parliament lapsed.
For super members currently trapped in market linked pensions and who wish to cash out or transfer the pension to an account based pension – now is the time to take action.
SUPERCentral has recently released a comprehensive range of SMSF tool kit documents required to record management decisions for Self Managed Super Funds (SMSF).
The Age Pension is indexed twice yearly with effect from 20 March and 20 September. The 20 March 2025 indexation increased the maximum age pension rates as follows:
The ATO has now released the increased superannuation caps which will apply for the 2026 tax year. The more significant caps are set out below.
The recent legacy pension reforms of December 2024 allows non-commutable pensions to be commuted if the commutation was a 100% commutation and the commutation occurred within a five year window commencing on 7 December 2024. The legacy pension reforms also amended the rules relating to the allocation of surplus pension reserves – this aspect of the reform is not presently relevant.
Exactly the same issues apply where a service pensioner is receiving an asset-test exempt pensions. The definition is that, to date, no equivalent to the Specification has been issued in respect of the Veteran’s Entitlements Act 1986.
We are pleased to advise that your firm now has access to the new SUPERCentral SMSF Toolkit, a powerful resource with over 100 populating online documents. Legally updated on a regular basis to protect against client and Adviser risk, our SMSF Toolkit packs provide the essential documentation you need to effectively record a fund’s actions and ensure full compliance at a low single use price. Your SMSF toolkit includes …
This is a special issue of SUPERCentral News dealing with Market-Linked Pensions. These pensions can now be terminated with the consequence that the member account balance previously supporting the pension could be cashed out, retained in fund as an accumulation phase or the account balance used to commence an account-based pension.
Can a spouse benefit from or be expected to benefit from a death benefit which has been paid to the estate of the deceased member where the spouse survives the member but dies before the benefit is paid?
A recent case, the MTBW Case has highlighted the interaction between the carry forward of unused concessional contributions cap space and the claw back of the tax concession for superannuation contributions in respect of high income earners by Division 293. The case clearly illustrates what (tax concessions) Caesar gives, Caesar can also take back.
The proposal to add superannuation contributions to the Commonwealth-funded Paid Parental Leave Scheme (PPL Scheme) has now been enacted. Superannuation contributions (called PPL Superannuation Contributions) will be payable in respect of 2025/26 and subsequent financial years at the rate of 12% (which will be the SG rate for 2025/26 and following financial years) of the total amount of eligible Parental Leave Paid during the financial year. After the close of the financial year, the ATO will pay the PPL Superannuation Contribution to the individual’s nominated super fund.
From 20 September 2024, the maximum rate of the Age Pension has increased by $28.10 (single rate) and $42.40 (combined rate) per fortnightly instalment period. The Age Pension is increased each 20 March and 20 September.
The cut-off income levels for the entitlement to the Seniors Health Card have also been increased with effect on and from 20 September 2024.
There are four steps which must be completed to successfully claim a tax deduction for your personal superannuation contributions. If one or more steps are missing or not completed, the Commissioner of Taxation has no discretion to overlook those missing or incomplete steps.
If a pension commences as a non-reversionary pension can that pension be made reversionary without stopping and restarting the pension? The answer is a simple and definite “Yes” if the pension is an account style pension (such as account based pensions and transition to retirement pensions) and the governing rules expressly permit pensions to be varied.
Normally, in the superannuation world, gender gaps mean that females have less super than males. However, this is not the case with Downsizer Contributions as shown by recently released ATO contributions data.
The Super Fund Lookup (superfundlookup.gov.au) is a public accessible website maintained by the ATO listing very basic information about regulated superannuation funds – both APRA regulated funds such as industry funds and retail funds – as well as self-managed superannuation funds. However, this article will deal with self-managed superannuation funds.