Superannuation is not like other assets as it is held in trust by the trustee of the superannuation fund. When you die, it does not automatically form part of your estate but instead, is paid to your eligible beneficiaries by the fund trustee according to the rules of fund, superannuation law, and the death nomination you made.... read more
New legislation will help prevent superannuation assets from being hidden during divorce proceedings.
From 1 April 2022, the Australian Taxation Office (ATO) will be able to release details of an individual’s superannuation information to a family law court.
From 1 November 2021, where an employee does not identify a superannuation fund, the employer is required to contact the ATO and request details of the employee’s existing superannuation fund or ‘stapled’ fund (the fund stapled to them).... read more
Is a financial services compensation payment to your superannuation fund a contribution? Of late, there have been several compensation payments made by financial services providers to customers that were inappropriately charged or overcharged for insurance premiums or services they did not receive, etc.... read more
Changes from 1 July 2021 will impact on how much money you can contribute to superannuation and how much you can have in your retirement phase superannuation account.... read more
There are only certain people who can inherit your super when you die. There are also two different types of nominations you can make. Here’s what you need to know before making your super beneficiary nomination.... read more
The expenses considered deductible by super funds are similar to that of individuals. Essentially, it should be items that are losses or outgoings incurred while producing or gaining assessable income.... read more
The delivery of advice for SMSF changed on 1 July 2016 when specific amendments to the FOFA (Future of Financial Advice) legislation came into effect.... read more