Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
READ NOW

Search Results

Showing 21 - 30 of 65 results for "Transfer Balance Cap"

ASFA calls for super fairness

ANNABELLE DICKSON  |  WEDNESDAY, 10 FEB 2021
... Association of Superannuation Funds of Australia (ASFA) has recommended the government remove the indexation of the transfer balance cap and to cap balances at $5 million to balance the system. In its pre-budget submission, ASFA focused its recommendations ...

Legacy pensions score win

KARREN VERGARA  |  WEDNESDAY, 13 JAN 2021
... last December. Retirees with legacy products, who were previously unable to commute amounts exceeding their transfer balance cap, will be able to undertake a partial commutation. "It also ensures appropriate tax outcomes for these retirees given their ...

APRA funds can learn from SMSFs: Rice Warner

ELIZA BAVIN  |  FRIDAY, 10 JUL 2020
... needed to take future contributions from any ongoing part-time work, or to hold assets exceeding the Pension Transfer Balance cap. "This contrasts to APRA funds where the partners are usually not in the same fund, and where their accounts cannot be linked ...

ATO warns against SMSF property development

ELIZA BAVIN  |  WEDNESDAY, 10 JUN 2020
... for example, by deliberately undervaluing an asset when it enters retirement phase and counts towards the transfer balance cap, allowing a greater amount of earnings within the SMSF to be treated as exempt current pension income," it said. "We have previously ...

What advisers need to know: BT

ELIZABETH MCARTHUR  |  THURSDAY, 4 JUN 2020
BT head of financial literacy and advocacy Bryan Ashenden has observed a significant increase in calls for technical support from financial advisers during the COVID-19 pandemic. "The level of queries and questions we were getting through from advisers ...

SMSFs expected to outperform: Research

ELIZA BAVIN  |  MONDAY, 23 MAR 2020
... only make up 9% of all superannuation members in Australia. The research pointed to the introduction of the Transfer Balance Cap (TBC) in 2017 as a key cause for the reduction. Following its introduction retirees with large balances, many of whom were ...

SMSFA slams limited licensing

HARRISON WORLEY  |  THURSDAY, 9 JAN 2020
... tax agents (typically accountants) are able to access its portal to get total superannuation balance and transfer balance cap information that is crucial for SMSF advice," Maroney added. "Ironically, these individuals are generally not able to provide ...

Downsizer contributions skyrocket

KARREN VERGARA  |  TUESDAY, 9 JUL 2019
... even if the member has a total super balance greater than $1.6 million. However, it is counted towards the transfer balance cap of $1.6 million, which applies when the member moves their super savings into retirement phase. It is not exempt from the ...

Super, life risk face election test

HARRISON WORLEY  |  MONDAY, 6 MAY 2019
... clients who now plans to leave the country after losing about $800,000 in 2017 as a result of the $1.6 million transfer balance cap reform. "He's going to make himself a non-resident," he says. However, not all have derided the opposition. In September ...

Government consults on super legislation

HARRISON WORLEY  |  TUESDAY, 5 MAR 2019
... the Government has proposed draft regulations to fix the valuation of defined benefit pensions under the transfer balance cap to reflect when pensions are permanently reduced following an initial higher payment. The draft regulations would also change ...