The salutary lesson to be learned from this case is that before any action is taken in respect of superannuation pension, always consider whether the pension is subject to Centrelink “pension grandfathering”.
SUPERCentral
ATO to provide super details in family law property matters
An amendment bill has now been introduced into Parliament to permit the Australian Taxation Office (ATO) to provide details about the superannuation accounts of a party to a Family Law property proceeding.
Best interest now best financial interests
Previously, trustees of self managed superannuation funds were required to perform their duties and exercise their powers in the best interests of the beneficiaries of the fund. This requirement was imposed by s52B(2)(c) of the Superannuation Industry (Supervision) Act 1993.
Downsizer contributions – evidence required by the auditor
Bill and Mary have just successfully made downsizer contributions of $250,000 and $290,000 to their Self Managed Superannuation Fund. As the close of the financial year is fast approaching and Bill wants to impress the auditor of the fund with his record keeping, what evidence must he obtain in relation to the downsizer contributions?
SuperCentral reviews recent superannuation changes
The Government’s 2018 Budget proposal to allow Self Managed Superannuation Funds (SMSFs) to have up to 6 members has now been finally passed by both the House of Representatives and the Senate.
Pension asset CGT exemption from NALI ends 30 June 2021
From 1 July 2021, if a non-arm’s-length capital gain is made by a segregated current pension asset on or after 1 July 2021, it will be treated as non-arm’s length income (“NALI”), meaning that it will be taxed at the highest marginal rate of 45% under section 295-550 of the Income Tax Assessment Act 1997 (“ITAA97”).
Federal Budget 2021 – Super Changes
The 2021 Budget can be summarised in one line – as a great budget for superannuation. The Budget sets out major beneficial changes for superannuation covering both contributions, legacy superannuation products, first home super saver scheme and residency issues for SMSFs.
When you’ve seen one blended family – you’ve seen one blended family
Many lawyers talk about ‘blended families’ as if they are all pretty much the same. Like, if you’ve seen one, you’ve seen them all. But that is not the case at all.