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Our technical reference guides provide you with a comprehensive summary of the superannuation rules and issues that you need to be aware of when advising clients.
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Rated #1 for Technical Support 13 years running by Wealth Insights¹ our FirstTech team brings award-winning expertise to every adviser conversation.
For more than 25 years, our team has offered expert guidance across a wide range of technical areas, from superannuation and contributions, to aged care and estate planning.
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Latest news
The ATO has advised that Australia Post is closing the SMSF Gateway Service to new subscribers. The last day to purchase a subscription will be 29 November 2025.
To ensure SMSFs continue to meet SuperStream data Standards, an alternative SMSF messaging service will need to be arranged.
The ATO has a range of compliance options to deal with conduct which has resulted in an SMSF contravening the Superannuation Industry (Supervision) Act and/or Regulations. One option is to give a trustee or director of a corporate trustee an education direction.
PS LA 2025/D2 sets out the considerations when the ATO is deciding whether to issue an education direction.
Generally, giving an education direction will play an essential role in cases where the person's lack of knowledge or understanding of their obligations contributed to the contraventions.
The Department of Social Services has released two determinations regarding legacy income streams: Social Security (Asset-test Exempt Income Stream Guidelines) Determination 2025 and Social Security (Asset-test Exempt Income Streams – Legacy Product) Determination 2025.
Legacy income streams include lifetime, life expectancy and market linked income streams (TAPs) that are 50% or 100% asset test exempt for social security means testing.
The Department stated that an unintended consequence of the introduction of the 5 year commutation window for legacy income streams commencing 7 December 2024, was that existing legacy income streams were no longer asset test exempt, as social security legislation did not allow for commutations due to the 5 year commutation window.
The new determinations allow the Secretary to determine that legacy lifetime income streams that were 50% or 100% asset-test exempt immediately prior to 7 December 2024, will continue to be asset-test exempt income streams where they meet all other criteria.
The commencement date of the determinations is the day after they are registered, however FirstTech is seeking confirmation as to whether it will be applied retrospectively from 7 December 2024.
Latest articles
Testamentary trusts - tax issues
A testamentary trust is a widely used estate planning tool that offers a number of benefits, including tax efficiency, asset protection and social security benefits.
This article explores key tax-related considerations associated with testamentary trusts, focusing on:
- Tax concessions for minor beneficiaries
- The tax effectiveness of streaming trust income
- The tax implications of transferring personal assets or superannuation death benefits to a testamentary trust via the deceased estate
Removal of CGT main residence exemption for foreign residents
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Transitional CGT relief: Disposal of assets with deferred capital gains
Before recommending that an SMSF trustee sells fund assets, it’s important to consider the potential CGT implications including any deferred gains that are required to be brought to account under transitional CGT rules.
This applies where a fund using the unsegregated assets method applied the transitional CGT relief rules back in 2016-17, due to the introduction of the transfer balance cap or the changed taxation of transition to retirement income streams
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Adviser use only. Information on this webpage is provided by Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 and Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468. It may include general advice but does not consider anyone’s individual objectives, financial situation, needs or tax circumstances. You should read the relevant Product Disclosure Statements (PDSs), Investor Directed Portfolio Service Guides (IDPS Guides) and Financial Services Guides (FSGs) before making any recommendations to a client. The PDSs, IDPS Guides and FSGs can be obtained from www.cfs.com.au or by calling us on 13 18 36. Past performance or awards are no indication of future performance.