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ATO warns of TBAR lodgement errors

Posted on May 10, 2019 by admin

With upcoming annual lodgement dates for Transfer Balance Account Reporting (TBAR), the ATO is alerting funds of common lodgement mistakes that could lead to delays and additional processing time. The Transfer Balance Cap (TBC) is a $1.6 million cap on the total amount of superannuation benefits that a member can transfer into a tax-free retirement phase income stream. TBAR is used by SMSF trustees to report to the ATO any events that affect a member’s transfer balance. The information is used to record and track the member’s TBC and apply provisions if the member were to breach the cap. Reports […]

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Super changes to protect employees’ entitlements

Posted on May 6, 2019 by admin

Several revisions from the Treasury Laws Amendment (2018 Measures No.4) Bill 2018 took effect from 1 April 2019. These measures are designed to help reduce the super guarantee (SG) gap, protect employees’ super entitlements and strengthen the ATO’s ability to recover unpaid super. Changes to disclosure laws will now allow the ATO to disclose information to employees about an employers’ failure to meet SG obligations. This will also allow for the ATO to reveal their processes involved in retrieving these amounts. Additionally, a free voluntary online education course is now available to help employers understand and meet SG obligations. Education […]

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Is your SMSF meeting its PAYG obligations?

Posted on Apr 29, 2019 by admin

The ATO has called on self-managed funds to check whether they are meeting new pay-as-you-go (PAYG) withholding obligations for capped defined benefit income streams paid to their members. SMSFs have PAYG obligations to withhold tax from income streams that have been paid to their members in circumstances where: The member is 60 years or older. The member is under 60 years and has a death benefit capped defined income stream (where the deceased was 60 years or over when they died). If you have no tax that you need to withhold from a member’s super, then you are required to […]

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Expanded super for older Australians

Posted on Apr 12, 2019 by admin

The 2019-20 Federal Budget has placed a strong focus on the growth of the economy whilst also having the intention to look after older Australians. Older Australians will benefit from the work test exemption age being extended from age 64 to 66. The work test requires an individual to work at least 40 hours in any 30 day period in the financial year in order to make voluntary personal contributions. This change in age will now allow individuals aged 65 and 66 who previously didn’t meet the work test to contribute three years of after-tax contributions in a single year, […]

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What is your preservation age?

Posted on Apr 1, 2019 by admin

Superannuation laws can be confusing for everyone. These procedures often make it difficult to work out when you can retire or if there are any special conditions you need to meet before you can claim your funds. Every individual needs to be aware of their preservation age and regulations when accessing their superannuation benefits. A person’s preservation age differs from the Age Pension. Age Pension is separate to your super and is a scheme which pays out a consistent income to help cope with the costs of living once you have retired. This age in Australia is 65 and not […]

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