Articles by Tia Thomas

Technology

Latest iteration of SuperMate launched

SuperMate SuperConcepts

The new-generation SuperMate has been launched by SuperConcepts, which has promised to offer compatibility with previous versions.

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Superannuation

More work needed to close super gap

ASFA superannuation gap women

Closing the 23 per cent gap between women and men’s superannuation has been too slow, with ASFA calling for committed strategies to reduce inequality.

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Pensions

Accumulation-phase death benefit fix possible

accumulation death benefit

An SMSF expert has provided solutions to ensure a death benefit paid during the accumulation phase is not excessively impacted by tax.

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ATO

ATO performance calculation change welcomed

ATO SMSF performance

The ATO’s decision to alter its SMSF investment performance calculation method to align with that used by APRA-regulated funds has been welcomed by the SMSF Association.

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Documentation

Conflicting documents risk avoidable

SMSF documents conflict

Corporate trustee SMSFs need to ensure there are no conflicting statements in the trust deed and company constitution to avoid issues.

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ATO

LRBA numbers remain stable

SMSFs LRBA

New ATO data shows the percentage of SMSFs holding an LRBA remained relatively stable in 2019/20 compared to 2018/19, while the level of assets held within them was unchanged.

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Investments

Portfolio diversity not legally required

SMSF portfolio diversity

The ATO has made the SMSF sector aware of the need for diversity in an investment portfolio, but this is not a legal obligation that must be met.

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ATO

Listed shares popular, but cash most common

listed shares SMSFs

Listed shares have been a popular investment allocation for SMSFs, but cash and term deposits appear in almost every fund.

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ATO, Compliance

Grant discretion for early-release rectification

early release discretion

SMSFs should be given discretion by the ATO in the case of accidental early release if that mistake has been rectified immediately.

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ATO

SMSF wind-ups decrease

SMSF wind-ups

SMSF wind-ups fell below the previous five-year average in 2019/20, while new establishments continued to increase, according to ATO data.

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