Previous Government’s unlegislated tax/super measures – to be dumped
• The proposal ((2016/17 Budget) to introduce Limited Partnership Collective Investment Vehicles – has been dumped
• Proposal (2018/19 Budget) to permit SMSFs to adopt 3 yearly audits – dumped
• Proposal (2018/19 Budget) to introduce a requirement for retirement income product providers to report standardised metrics in product disclosure statements – dumped
Media Releases
Back-door benefits from super not permitted
The rules relating to what a self-managed superannuation fund can and cannot invest in are complex and for the uninitiated appear confusing and alien. But there is a basic logic to them.
Last minute withdrawals before time is called
Is it possible to make a last minute withdrawal before you die and the payment, if made after you have died, still be treated as being tax free? Well Yes – according to a recent private binding ruling from the Commissioner.
Clanz announces a range of thematic crypto investments
Australian web3 exchange, Clanz, has recently launched a series of ETF-style Thematics designed to take the complexity out of investing in blockchain and the metaverse.
Clanz is taking a patient approach when entering crypto market
Clanz, an Australian-owned and operated technology start-up, believes all players in the crypto market should be looking closely at what the metaverse is likely to become.
Downsizer contributions: beneficiary eligibility age to be reduced to 55
From 1 July 2022, the eligibility age for the beneficiary of the downsizer contribution was reduced from age 65 to 60. Now the Government has proposed that the eligibility age for the beneficiary of the downsizer contribution be further reduced from the current age 60 to age 55.
Incentivising pensioners to downsize
The Government is continuing its policy to remove financial barriers which currently inhibit age pensioners (and service pensioners) from downsizing due to the application of the means tests to the sale proceeds of a pensioner’s principal place of residence.
Superannuation and testamentary trusts
You may be aware that toward the end of 2021, in a private ruling, the ATO confirmed the tax payable in respect of a gift of superannuation to a member’s estate where that super is to be held in a testamentary discretionary trust.