Articles by Tia Thomas

ATO

SMSF messaging provider list updated

ATO SMSF messaging providers

The register of SMSF messaging service providers that can facilitate transactions using SuperStream has been updated by the ATO.

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ETFs

BetaShares launches food ETF

BetaShares ETF food

Following the increased popularity of plant-based foods, BetaShares has announced its new thematic ETF set to launch at the end of May.

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NALI/NALE

NALE rule changes identified

NALE rules changes

Several potential changes to the non-arm’s-length expenditure rules can be identified based on the recommendations put forward by industry stakeholders.

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Financial Planning

Individual registration problematic

SIAA individual registration

An industry body has suggested a move to individual registration for financial advisers is another one-size-fits-all solution unlikely to succeed.

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Auditing, Investments

Beware the 13.22C trust crackdown

13.22c breaches

Auditors are increasing their focus on SMSFs with holdings in SIS Regulation 13.22C unit trusts and any operational breaches that may have occurred.

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Superannuation

Death benefit conundrum clarified

member benefits SMSF

Uncertainty over whether certain superannuation payments are to be treated as member benefits or death benefits has been cleared up.

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Pensions

Death benefit pension minimums need priority

death benefit pensions minimum

Minimum payments associated with death benefit pensions need to take priority over those for other pensions to ensure the retention of tax benefits.

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Pensions

Pro rata payments may cause breach

pro rata pension commutation

SMSFs could be in breach if the fund has used an asset transfer to commute a pension but overlooked required pro rata payments.

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Auditing

Audit fee threshold may rise

auditor fee independence threshold

The audit fee independence threshold could be increased and a new transition period introduced following feedback from the SMSF sector.

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Contributions

Multiple pensions a recontribution risk

pensions recontribution

SMSFs running multiple pension accounts could face tax complications in relation to their recontribution strategies, an expert has revealed.

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