In the final week of Parliament, there were a number of superannuation related measures still to be passed into law.

As part of the 2018/19 Federal Budget announcements, the Government confirmed that they intend to legislate to increase the maximum number of members that can belong to a single SMSF from four to six.

From 1 July 2017 it became much harder to build up more superannuation thanks to a tightening of the limits on contributions. The maximum “concessional contributions” reduced to $25,000 pa.

In the May 2018 Federal Budget, the Government announced plans to extend the ability for recent retires to make contributions to superannuation from 1 July 2019. This change has now been legislated.

Under the scheme, the employee is able to take up the entitlement themselves or nominate an associate to take up the share entitlement.

When we use the term “segregation” or refer to an asset as being “segregated” in a superannuation fund, we are generally referring to a tax concept which relates to funds providing retirement phase pensions.

The title to this blog is a common refrain these days and most of us don’t blink an eyelid when someone says data is an asset.

Potentially, but this will depend on why your client is receiving the lump sum, their age, the amount paid and the components of the lump sum.

With the 1 July 2017 introduction of the $1.6m Transfer Balance Cap came a new obligation on superannuation fund trustees to report certain member “events” to the ATO.

Leveraging digital data commercially is often described as a “data play”. They are easier to pull off when one party understands the value of data and the other party does not.

Like any business that wants to thrive and remain relevant to its clients, Heffron is always looking for ways to improve how we do our work.

In the May 2018 Federal Budget, the Government proposed that SMSFs with three years of clean audit reports and returns lodged in a timely manner would be eligible to move to a three-yearly audit cycle rather than being audited every year.