Superannuation death benefits
What you need to know about receiving a superannuation death benefit after someone has died.
Avoid delays releasing super money with these ATO tips
The ATO is reminding self-managed super fund (SMSF) trustees and members to carefully follow the correct steps when a release authority is issued.
General transfer balance cap to be indexed on 1 July
Indexation of the general transfer balance cap (‘TBC’) will occur on 1 July 2025.
Hope remains for $3M super tax changes
The SMSF Association remains hopeful that proposed legislation introducing a 30% tax on superannuation balances above $3 million (Division 296) may still be amended.
What’s new on study and training loans
The indexation rate for study and training loans is now based on the Consumer Price Index (‘CPI’) or Wage Price Index — whichever is lower.
When to lodge SMSF annual returns
All trustees of SMSFs with assets as at 30 June 2024 need to lodge an SMSF annual return (‘SAR’) for the 2023/24 financial year.
Eligibility for compassionate release of superannuation
Early Release of Super on Compassionate Grounds: Eligibility and Conditions The ATO outlines strict criteria for accessing super funds early, covering medical, disability, palliative, funeral and foreclosure-related expenses. The ATO has been responsible for the administration of the early release of superannuation on compassionate grounds since 1 July 2018. It will only approve a release […]
Omnis Financial Planning – Winter 2024 Newsletter
Prepare for Life In this issue – Living your best life in retirement If you’re nearing retirement age, it’s likely you’re wondering if you will have enough saved to give up work and take it easy, particularly as cost-of-living increases hit some of the basic expenses such as energy, insurance, food and health costs… Help […]
What laws do SMSFs need to adhere to?
Navigating the Legal Landscape: Responsibilities of SMSF Trustees Understanding the Legislative Framework and Compliance Obligations for Self-Managed Super Funds As a trustee of a self-managed super fund (SMSF) there are responsibilities and rules you must follow. At the most fundamental level, you need to make sure your SMSF is functioning under the relevant laws. As a type of superannuation fund, trustees […]
Navigating the Main Residence Exemption
ATO ‘main residence exemption tips’ Key Considerations for Taxpayers When Selling a Home The main residence exemption needs to be considered in a variety of situations when a taxpayer sells a property they have lived in. The ATO hopes that the following tips will help in this regard: Taxpayers should consider if they have started […]
