Articles by Malavika Santhebennur

Superannuation

Downsizer contribution timing vital

The timing of the downsizer contribution in superannuation is vital, particularly if the SMSF client qualifies for non-concessional contributions (NCC), according to a technical expert.

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ATO

ATO outlines cryptocurrency tax risks

SMSF trustees and members transacting in cryptocurrencies need to be aware of the tax consequences and keep records of all cryptocurrency transactions, according to a recent ATO update.

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Auditing

Jailed Victorian SMSF auditor disqualified

The Australian Securities and Investments Commission (ASIC) has disqualified a Victorian SMSF auditor who was convicted of criminal offences and is serving time in prison.

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Business News

Simple Fund 360 enables TBAR lodgement

BGL Corporate Solutions has announced its Simple Fund 360 now supports the preparation of the transfer balance account report (TBAR) form before 1 July.

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Superannuation

ALP imputation credits policy uses old data

Pile of documents with colorful clips

The data used to formulate the federal opposition’s proposal to abolish cash refunds for excess imputation credits is outdated and does not factor in recent superannuation reforms, according to an industry expert.

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Strategy

First home super saver measure overlooked

SMSF advisers must think outside the square when it comes to opportunities surrounding the First Home Super Saver Scheme (FHSSS) and remain vigilant for unexpected scenarios, according to DBA Lawyers.

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ATO

No major issues with SMSFs and reserves

Kasey Macfarlane

The ATO SMSF Regulator’s Bulletin (SMSFRB) on the use of reserves by SMSFs is not an indication that systemic issues have been identified, nor is it in response to a spike in the use of reserves by SMSFs, according to the tax office.

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Regulation

ALP policy will deter SMSF investment

SMSF entrants will hesitate to invest in self-funded retirement on the back of the Labor Party’s imputation credits policy proposal, according to the Institute of Public Accountants (IPA).

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Compliance

ASIC provides extension on super calculators

ASIC has granted an extension for providers of superannuation and retirement calculators to comply with the requirement generic financial calculators must account for inflation. 

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Regulation

Unforeseen repercussions from Labor policy

Removing dividend imputation credit refunds could result in unintended consequences, including driving a bias to certain asset classes or distorting the system in other ways, according to several industry bodies.

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