Articles by Todd Wills

ATO, Compliance, NALI/NALE, Property

SMSF projects probed for NALI breaches

SMSF property NALI

The ATO has cautioned SMSF trustees and advisers about potential NALI breaches in property development projects and, in an unrelated announcement, disqualified over 200 SMSF trustees.

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Contributions

Reconsider recontribution strategies

recontribution strategies

SMSF trustees and advisers should carefully consider using recontribution strategies to minimise tax burdens as the approach may offer limited benefits.

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ATO, Compliance, Tax

New SMSFs targeted for non-lodgement

SMSFs annual returns

New SMSFs are failing to lodge annual returns and abide by their taxation obligations, drawing the attention of the ATO.

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Pensions

Pensions must not be backdated

pensions backdated

Advisers and trustees of SMSFs have been cautioned that retroactively applying a pension could lead to compliance issues with the ATO.

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Auditing, Business News, SMSF

ASF Audits buys Deloitte SMSF auditing unit

ASF Audits Deloitte

ASF Audits and Deloitte have reached an agreement for ASF to acquire Deloitte’s SMSF auditing arm.

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Insurance, SMSF

Trustees urged to review disability cover

trustees disability insurance

Trustees choosing not to purchase permanent disability insurance due to cost-of-living pressures should be reminded they can purchase it via their SMSF so as to not lose their cover.

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Compliance, NALI/NALE, SMSF

NALE penalty appropriate, but needs clarity

NALE penalty level

The update to the NALE penalty in the 2023 federal budget is a reasonable approach, however, further clarification is needed on what defines a NALE compliance breach.

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ASIC, Compliance, SMSF

ASIC takes action on SMSF advice

ASIC SMSF rollover

ASIC has penalised two individuals for acting against their clients’ best interests when persuading them to transfer their superannuation funds into SMSFs.

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Compliance, Regulation, SMSFA, Tax

SMSFA supports franking credits review

Franking credits review

The SMSF Association has backed further review of proposed franking credit amendments, expressing concerns over potential impacts on legitimate business operations.

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Compliance, Regulation, Tax

ASA backs franking credits clarification

Franking credits

The Australian Shareholders’ Association believes the proposal to limit franking credits from capital raisings is unnecessary and requires clearer guidance to avoid unintended consequences.

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