ATO warns on minimum pension payments
The Australian Taxation Office has issued a warning to trustees of self-managed super funds that lump sums, or partial commutations, no longer count towards a minimum annual pension payment. The ATO says that if the minimum pension standards are not met in a financial year, none of the payments made during the year can be […]
Increasing Penalties For White-Collar Crime
As the Royal Commission into the misconduct in the banking, superannuation and financial services industry rolls on and uncovers more unscrupulous behaviour by the corporate and financial sector, the government is attempting to get on the front foot by addressing the perceived persistent misconduct by proposing to strengthen the penalty framework and enforcement regime available to […]
Can’t Buy Me Love: Conscientious Coupling and Binding Financial Agreements
The breakdown of a relationship is frequently ranked second, after the death of a loved one, as one of life’s most stressful events. With a third of all Australian marriages ending in divorce, and similar statistics in other countries, it’s little wonder that “conscious uncoupling” has become the ideal divorce strategy (and not just for celebrities). […]
Top mistakes Aussies make when setting up an SMSF
In a speech given earlier this month, ATO assistant commissioner Dana Fleming highlighted seven key mistakes SMSF trustees make when establishing their funds. Despite the continued growth in SMSF membership, key mistakes are still being made when it comes to the set-up of funds, the ATO has revealed. Ms Fleming said that common errors include […]
Catch-up Concessional Contribution Caps
The ATO has released details of Catch-up concessional contribution caps to the effect from 1 July 2018. New concessional contribution ‘catch-up’ measure From 1 July 2017, the maximum amount of concessional contributions you can put into your account each year will be $25,000 per annum for all age groups. Then commencing 1 July 2018, there is a […]