Articles by Tharshini Ashokan

Property

Victorian govt tightens grip on SMSF duty exemptions

Victorian SMSF duty exemptions

The Victorian State Revenue Office is drawing a hard line on the duty exemptions available to beneficiaries of SMSF-owned properties, DBA Lawyers says.

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Residential Property

Joint property ownership opens asset loss risk

SMSF joint property ownership

Trustees need to be aware of the issues that can arise when their SMSF owns less than the whole interest in a property, a specialist legal firm says.

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Insurance

Wrong insurance premium payments may hit pensions

SMSF life insurance premiums

SMSF members paying life insurance premiums from their fund may lose its benefits if they don’t fully consider which fund account will provide the payments.

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Financial Planning, Regulation

Government puts an end to grandfathered commissions

end grandfathered commissions advisers

The government is set to introduce legislation that will end the grandfathering of conflicted remuneration to financial advisers by 1 January 2021.

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ATO, LRBA

Business as usual for LRBA, NALI reporting

ATO reporting NALI LRBA

The ATO has announced SMSFs should continue reporting LRBAs and NALI according to existing instructions until pending changes in these areas pass into law.

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Auditing

SMSF Association commends ASIC auditor action

ASIC SMSF auditor action

The SMSF Association has applauded ASIC’s tough stance on auditors who failed to meet their professional standards.

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ATO, Compliance, Pensions

ATO concessions critical to avoid pension penalties

ATO concessions death benefit

Trustees of funds that have underpaid their death benefit income streams must first determine whether the ATO’s administrative concession applies to their situation, an SMSF online service provider says.

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ATO, Financial Planning

Advice key to rising SMSF establishment balances

SMSF establishment balances rise

The rise in SMSF establishment balances revealed in the latest ATO statistics reflects a vast improvement in the level of financial advice within the sector, the SMSF Association says.

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Documentation, Pensions, Retirement

Trust deeds key to TRIS status in retirement

retirement phase TRIS

Trustees should pay close attention to their SMSF trust deeds to ensure members converting to retirement phase still benefit from TRIS regulations, an SMSF expert says.

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Administration, ATO

ATO addresses ineligible downsizer contributions

ineligible downsizer contributions

The ATO has highlighted the correct administration process for ineligible downsizer contributions for SMSF trustees.

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