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.

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. These events are reported using a “Transfer Balance Account Report” or TBAR.

Prior to 1 July 2017, as a general rule, where an individual was age 60 or over and wanted to draw monies from their pension account in excess of their minimum pension requirements, the excess was simply treated as an additional pension payment.

Must the fund issue a PAYG summary? Does the individual need to report the payments in their personal tax return? Are they still eligible for the untaxed element tax offset?