News

ATO, Contributions, Tax

Contributions deduction error fixed

The ATO has corrected an error in its procedures with regard to allowing SMSF members to claim a tax deduction for personal contributions.

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Insurance, NALI/NALE

Specific NALE may apply to insurance

Life insurance premiums paid by an SMSF for a particular member may be considered specific NALE given they are not costs related to the general operation of the fund.

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ATO, Compliance

ATO names related-party funding concerns

Key risk factors that can arise in related-party funding arrangements have been flagged by the ATO for compliance activity if it identifies at least one of them is present.

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Superannuation

Payday super implementation boost

The government will spend more than $400 million to ensure its payday super reforms are operating on schedule, while boosting the regime to punish wayward employers.

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Business News

Merry Christmas and Happy New Year

Christmas

The team at selfmanagedsuper wishes all of its readers a very Merry Christmas and a happy, healthy and prosperous New Year.

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financial advice, SMSF, Superannuation

Notes to SMSF accounts very significant

The notes to the financial statements for an SMSF take on particular significance due to the special-purpose nature of these entities.

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Legislation, Tax

Slow Div 296 progress may delay start date

The slow progress of the Division 296 bill through parliament has eaten into the time set aside to prepare for its implementation, meaning its possible start date may also be pushed back.

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Superannuation, Tax

Super earnings concessions top $22b

The tax concessions given to superannuation earnings have continued to grow, with millions of fund members benefiting from them each year.

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Accounting, Retirement, SMSF, Superannuation

End-of-year break time for super check-up

Super fund members should use the holiday break to check the status of their retirement savings and consider whether they needed to seek financial advice.

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Pensions, SMSF, Superannuation

Pension payment standing orders fine

It is possible to put standing orders in place at the commencement of an income year to treat drawdowns above the minimum pension as lump sums.

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