Articles by Todd Wills

ATO, Compliance, Pensions, SMSF, Superannuation, Tax

ATO clarity required on TRIS

TRIS

The lack of clarity on how the ATO will handle non-compliance with transition-to-retirement income stream requirements will require SMSFs to stick closely to the law.

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NALI/NALE, Tax

NALI-CGT determination provides clarity

NALI CGT determination

A recently issued tax determination has clarified the treatment of capital gains where non-arm’s-length transactions are conducted and offers practical outcomes for SMSFs.

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Auditing, Compliance

Director IDs will be compliance issue

Director ID SMSF

SMSF corporate trustees must ensure they have fulfilled their obligation to obtain a director identification number as the ATO is looking into this area.

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financial advice, Financial Planning

Industry raises concerns with Jones

Financial practitioners from six industry bodies have put forward their view on advice changes to the government in a series of forums with Financial Services Minister Stephen Jones.

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Administration, Compliance, Regulation, SMSF

Ruling clarifies SMSF director-executor pay

SMSF director executor

A recent court ruling has clarified whether an SMSF is legally required to compensate a director when they are appointed as both a director and executor of an SMSF.

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BDBNs, Compliance, Documentation, SMSF

Take proactive steps for lost documents

Lost SMSF documents

SMSF trustees and advisers should consider establishing a new SMSF in the event key operating documents can no longer be found.

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Auditing, Compliance, SMSF

Auditors urged to seek updated valuations

Audit valuations

SMSF auditors must exercise caution in approving asset valuations and ensure they are up to date with the respective valuation year.

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Regulation, SMSF, Tax

Imputation system changes bad for SMSFs

Franking credits

The proposed changes to the franking credits regime could have a significant impact on trustees who rely on the credits to benefit from lower taxation rates offered by their SMSFs.

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Contributions, Downsizer, SMSF, Strategy

Downsizer delay may be wiser

Downsizer contributions

Trustees should consider saving their ability to use the downsizer contribution and utilise their non-concessional contribution caps first, given recent rule changes.

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financial advice, Financial Planning

FAAA gets over 80 per cent member nod

FAAA membership renewals

The FAAA has announced an 80 per cent membership renewal rate, indicating strong support and confidence in the newly merged representative body.

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