Articles by Krystine Lumanta

ATO

SMSFs already using TBAR

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The ATO has revealed SMSFs have been using its transfer balance account report (TBAR) to inform the regulator of events affecting their transfer balance cap and total super balance, with the system so far working well.

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Compliance

Active member test outdated

The SMSF Association believes legislative restrictions effectively compel Australians with an SMSF and who are temporarily living overseas to switch to an Australian Prudential Regulation Authority (APRA)-regulated fund while out of the country.

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Accounting

Software, data feeds lessen TBAR confusion

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The increased complexity around SMSF reporting dates as a result of the transfer balance account report (TBAR) regime means it is more important than ever for accountants to use specialised software and up-to-date data feeds, according to an industry auditor.

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Regulation

Super tax consultation underway

Treasury has released a consultation paper covering two key super tax measures – limited recourse borrowing arrangements (LRBA) and non-arm’s-length income (NALI) – to support the integrity of the federal government’s suite of super reforms.

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Cryptocurrency

Strategy trounces cryptocurrency hype

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The right SMSF strategy can add up to a sizeable financial difference and should not be disregarded for the allure of bitcoin returns and other cryptocurrencies, an SMSF expert has warned.

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Compliance

Valuation due diligence a trustee duty

Trustees must undertake reasonable steps to ensure an SMSF’s assets and investments can be valued fairly and objectively ahead of adding them to the fund, a technical expert has warned.

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ETFs

New ETF players expected to enter market

Australia will see new exchange-traded fund (ETF) issuers come to market to fill product gaps, creating opportunities for the bulk of SMSF investors still considered to be in the early-adoption phase, according to one provider.

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Infrastructure

Next stage of infrastructure education key

Tailored infrastructure allocation and application to SMSF portfolios will be the next iteration of the asset class’s education efforts, particularly during 2018.

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Accounting

New auditor rego fees labelled excessive

The proposed increase in registration fees for new auditors of SMSFs has triggered major concerns about its impact on the already low number of practitioners servicing the space, according to the Institute of Public Accountants (IPA).

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Business News

Federal Court delivers DomaCom decision

The Federal Court has ruled against SMSFs investing in DomaCom sub-funds owning properties leased to related parties.

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