Articles by Penny Pryor

Contributions

Co-contribution can trigger bring-forward rules

Advisers should be aware government co-contributions, despite their modest size, may still interfere with strategies based around non-concessional contributions.

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ATO, Pensions

Gap to occur in TBC updates

SMSF, self managed super, ATO, personal transfer balance caps, general transfer balance cap, transfer balance caps, TBC, indexation, pension, limited recourse borrowing arrangement, excess transfer balance, determination, commutation authority, ATO online services

The increase in personal transfer balance caps reported by the ATO will be delayed after the general cap rises but it will not issue determinations until an update is complete.

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ATO, Cryptocurrency, Investments

ATO issues crypto warning

SMSF, self managed super, ATO, crypto-assets, SMSF trustees, crypto-investments, SMSF sector statistics, crypto-wallets

With SMSFs investing an increasing amount in crypto-assets, the ATO has issued a warning and some guidelines.

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Investments, Superannuation

Div 296 prompts flows to super alternatives

Division 296, SMSF, self managed super, superannuation, investment bonds, Generation Life, Felipe Araujo, wealth transfer, death benefits

The proposed Division 296 tax has changed the behaviour of investors, who are now looking at alternatives outside of superannuation to mitigate its impact.

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financial advice, Financial Planning

Advice fee deductibility guide issued

Financial advice fee, tax deductibility, guide, tax deduction, Financial Advice Association Australia, FAAA, Chartered Accountants Australia and New Zealand, CAANZ, CPA Australia, Institute of Public Accountants, ATO, Taxation Determination 2024/7, Sarah Abood, Phil Anderson

New joint guidance outlines three means by which advisers can calculate the apportionment of financial advice for tax purposes.

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Features

Retaining a piece of the sector pie: SMSF awards 2017

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According to the ATO’s figures at the end of September, the SMSF sector is fast approaching $675 billion in assets, with 600,000 SMSFs made up of 1.1 million members.

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