News

Regulation, Superannuation

Six-member SMSF law progresses

six-member funds

Parliament has taken action on three separate superannuation bills, extending bring-forward arrangements and moving the introduction of six-member funds a step closer.

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ATO

ATO confirms TBC info availability

personal transfer balance cap

The date when individuals can begin to access their personal transfer balance cap information after the application of indexation has been confirmed.

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Documentation

Need for BDBN, trust deed consistency

death benefit nominations

SMSF trustees have been advised to ensure death benefit nominations are consistent with trust deeds to avoid being challenged.

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ECPI, Superannuation

Confusion over DSFA trigger

SMSF DSFA criteria

The criteria used to determine whether an SMSF has disregarded small fund assets for exempt current income purposes is still unclear among some advisers.

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Compliance, Documentation

Director ID presents an SMSF challenge

SMSF director identification

Directors of SMSF corporate trustees may find difficulties in the application procedure for the director identification number they will need to hold.

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Contributions, Superannuation

Easy fix for contribution eligibility question

superannuation contribution eligibility

At the end of the financial year advisers are asking how much their clients can contribute to superannuation, but that should not be the first issue addressed, according to a technical consultant.

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NALI/NALE

NALI capital gain treatment unclear

NALI capital gain SMSF

The tax treatment of the capital gain associated with an SMSF asset that has been tainted by NALI for only part of its fund life remains unknown.

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ATO, Tax

ATO reminds trustees of PAYG obligations

ATO PAYG obligations

The ATO has reminded trustees of the PAYG obligations for members who receive a super benefit payment as the reporting due date closes in.

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Documentation, Financial Planning

Ongoing fee arrangement guidance released

ongoing fee arrangements

Advisers have been provided with new guidance by ASIC on handling ongoing fee arrangements that incorporates royal commission recommendations.

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Documentation, Technology

New online fact find launched

online fact find

The hurdles of COVID-19 have driven a financial planner to create a new online fact find tool that meets new legal obligations for storing client records.

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