Articles by Tia Thomas

ATO, Documentation

Nil balance may indicate non-compliance

SMSF nil balance

The ATO has advised that SMSFs with a nil account balance on 30 June should reflect on the fund’s management as this may be a sign of non-compliance.

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Documentation

Splitting documentation order key

SMSF splitting

Super splitting notices must be given in a specific order for trustees to avoid compliance breaches, despite not all regulations being applicable to SMSFs.

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Investments

Valuations a clue for apt assets

SMSF asset valuation

The degree of difficulty associated with obtaining a proper valuation for an investment can indicate whether the asset is suitable for an SMSF.

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Pensions

Pension splitting a no go within SMSFs

pension payment splitting

Trustees looking to split a pension payment will find superannuation laws have blocked that path, but commutation planning could resolve the issue.

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Documentation, Strategy

Splitting benefits complicated by SuperStream

Splitting benefits SuperStream

An expert has advised SMSF trustees consider the SuperStream rules before splitting member entitlements to ensure they can be moved out of the fund in the correct manner.

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Appointments

Class appoints new chief executive

class chief executive

Hub24 has announced the appointment of a new chief executive for the Class SMSF administration business from the start of next month.

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ATO, Compliance

Trustees urged to fix mistakes, seek help

SMSF contraventions

SMSF trustees have been encouraged to disclose contraventions to the ATO as failure to engage may impact the regulator’s enforcement actions.

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Technology

CFS launches super tracking app

Colonial First State app

A superannuation, pension and investment account mobile tracking app has been launched by Colonial State First for its FirstWrap clients.

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Superannuation

Salary sacrifice amounts need review

super guarantee salary sacrifice

Unadjusted salary sacrifice amounts could result in breaches of the concessional contribution cap due to the recent increase to the SG.

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BDBNs

Undisclosed BDBNs still valid

BDBN valid

An SMSF expert has said a binding death benefit nomination does not need to be shared with fund trustees to be considered valid.

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