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Showing 1 - 10 of 48 results for "Transfer Balance Cap"

Retirees freed from legacy products

ANNABELLE DICKSON  |  TUESDAY, 11 MAY 2021
... in retirement," budget papers read. Individuals starting a new retirement product will be limited by the transfer balance cap rules and existing transfer balance cap valuation methods for the legacy product will apply. "The ability to move out of legacy ...

OPINION: Super for housing was the wrong policy fight

ALEX DUNNIN  |  TUESDAY, 11 MAY 2021
... funds. Even personal contributions into SMSFs have collapsed, with thanks of course to the introduction of the Transfer Balance Cap. Okay, policymakers might have expected it to have an impact, but I wager none expected it to crush contributions in SMSFs ...

Increase to super contribution cap

ELIZABETH MCARTHUR  |  TUESDAY, 6 APR 2021
... able to put more into their super as the concessional and non-concessional contribution caps and the general transfer balance cap are set to increase due to indexation for the first time since July 2017," minister for women's economic security, superannuation ...

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 ...
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