The government’s early super release scheme shows no signs of slowing down, with almost 90,000 release applications received by super funds in the first week of August and more than $700 million in payments made.
Choice is inherently regarded as a good thing, particularly in these COVID-affected times when some of our basic choices have had to be suspended for the greater community good.
SMSFs with outstanding compliance issues should consider making a voluntary disclosure while the ATO still has a more flexible approach in place and before they implement tougher admin penalties, says a law firm.
It's often said that starting out early on one's investing journey will deliver good long-term results.
The ATO has confirmed only payments made to a member after 24 March in excess of the reduced minimum pension can be treated as a lump sum, even where a valid election was previously in place, says the SMSF Association.
Last week, Vanguard and Investment Trends launched the 2020 SMSF Investor Report. This year's report surveyed over 3000 SMSF trustees on their investment priorities and industry outlook, providing an insight into how trustees navigated through COVID-19 volatility.
The Government has decided to extend a lower JobKeeper for a further six months (13 fortnights) from 28 September this year, with eligibility based on actual rather than projected turnover declines.
In the current low interest rate environment, an investment product offering low-risk, high returns may sound very tempting.
It's a question most of us ask eventually: what happens to our investments when we die?
Superannuation fund members facing financial hardship have been given an extended window to access retirement savings under the early release scheme.
The ATO has expressed concern that some trustees with diminished pension account values may be putting themselves at risk of exceeding their transfer balance cap by commuting their pension and then topping it back up.
The ATO has expressed concern that some trustees with diminished pension account values may be putting themselves at risk of exceeding their transfer balance cap by commuting their pension and then topping it back up.