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”.
superannuation
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.
SMSF: When a member has a terminal medical condition
When an SMSF member is diagnosed with a terminal medical condition, it is not only devastating news to them but also to those close to them. With perhaps little time left, planning for their loved ones is usually paramount.
Where does a company ‘reside’ for tax purposes?
Australia levies tax on its residents. But how can a company ‘reside’ anywhere for tax purposes? And can a company ‘reside’ in Australia if its directors and or shareholders are overseas?
Nearing retirement? May be a good time to move shares into super
The market volatility and uncertainty during the past year and a half of COVID-19 have many share investors understandably rattled.
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.
Superannuation fees confuse many Australians
Over the last decade we have seen reform package after reform package in an attempt to simplify Superannuation.
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?