Articles by Todd Wills

Auditing, Compliance, Tax

Avoid flawed valuations to cut tax

Superannuation earnings tax Asset valuations Market value $3m soft cap tax SIS Regulation 8.02B

Attempting to avoid the impact of the $3 million soft cap tax by providing undervalued asset assessments is likely to create more problems for SMSF trustees than it solves.

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Property, Tax

GST on property costs essential

SMSF trustees commercial property lease agreement GST

Trustees with a commercial property lease agreement must apply GST to any outgoing costs they expect to recover from a tenant.

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Administration, ATO, Compliance, Regulation

Clarity needed on illegal access discretion

Illegal early access superannuation ATO discretion tax ruling

Uncertainty over a key tax ruling has raised concerns regarding how the ATO and the tax commissioner might handle cases of illegal fund access by an SMSF.

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Commercial Property, Compliance, NALI/NALE, Property

Lease pre-payment a NALI risk

NALI Lease pre-payment Business real property Related-party tenant

SMSFs accepting advance payments from a related-party tenant for leasing business real property have been warned such an arrangement may expose the fund to NALI.

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Auditing, NALI/NALE

Dig deep for NALI compliance

SMSF auditors NALI NALE compliance

The activities of all participants in an SMSF property development scheme should undergo scrutiny for compliance with NALI/E provisions, rather than just the SMSF itself.

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financial advice, Legislation, Regulation

Draft bill to enact QAR changes released

Quality of Advice Review recommendations Draft legislation

A long-awaited bill to enshrine some of the recommendations of the Quality of Advice Review has been released by Treasury.

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ATO, Compliance, Management, Tax

GST status needs regular review

GST turnover registration SMSF

Trustees have been reminded they must register their SMSF for GST once the fund fulfills specific conditions related to the types of transactions it conducts.

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ETFs, Investments

Betashares adds cash-flow ETF

Betashares Cash-flow ETF

Betashares will expand its ETF line-up with the introduction of a new fund that tracks companies known for their robust cash flow.

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SMSF, Trusts

Dual trustees an unnecessary risk

SMSF corporate trustee Accurium

Administering an SMSF with a trustee and a trustee company could potentially expose the fund’s assets should the company encounter legal or regulatory issues.

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ASIC, financial advice

Adviser levy tipped to be reduced

ASIC financial adviser levy FAAA Sarah Abood

The financial adviser levy imposed by ASIC is anticipated to be less than what was previously estimated for the 2023 financial year.

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