Cost-of-living pressures have eroded retiree confidence and prompted many to recalibrate their expectations, according to a new financial services sector report.
The non-lodgment of superannuation annual returns continues to be one of the ATO’s major concerns, the deputy commissioner for superannuation has said.
An industry consultant has reminded practitioners the indexation measure to be applied to the general transfer balance cap will have implications for other elements of the superannuation system as well that are unrelated to income streams.
While the amount of illegally accessed funds from SMSFs has reduced, the amount of prohibited loans has gone up, the Commissioner of Taxation has said.
A senior financial services industry executive has labelled the Division 296 tax as political deception, seeing there has been no honest indication of who the impost will really affect.