Articles by Todd Wills

Contributions, SMSF, SuperStream

Trustees still bypassing SuperStream

Research has shown a significant proportion of trustees are neglecting to use SuperStream when processing contribution transactions.

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SMSF, Tax

Volatility shows Div 296 inequity

Large swings in the value of volatile assets, which could lead to SMSFs being subject to Division 296 tax, highlights the problem with taxing unrealised gains.

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Contributions, SMSF, Superannuation

NCCs spike after work test removal

Non-concessional contributions Class Ignite 2024 2024 Annual Benchmark Report NCC Work test Class

The Class “2024 Annual Benchmark Report” has revealed a significant increase in the amount of non-concessional contributions made by SMSF members aged 65 and over.

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financial advice, Regulation

Advice reform regulations tabled

Treasury Laws Amendment (Delivering Better Financial Outcomes) Regulations 2024 Delivering Better Financial Outcomes Quality of Advice Review QAR

Regulations to deliver on reforms proposed in the Quality of Advice Review have been tabled by Treasury, with some taking immediate effect.

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AAT, Contributions, Tax

AAT rules unused super caps must apply

AAT Administrative Appeals Tribunal ATO Unused concessional contributions Carry-forward concessional contributions WTBW and Commissioner of Taxation [2024] Income Tax Assessment Act 1997 Division 293 tax

The AAT has upheld the ATO’s rejection of a taxpayer’s claim they can choose whether to apply the unused concessional contributions cap carried forward from previous years.

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Retirement

Retirement funding sources to evolve

2024 Super Members Engagement Report Investment Trends Retirement Superannuation savings Irene Guiamatsia Age pension

Australians expect to rely less on the age pension and more on their own superannuation savings, investments and their partner’s savings as income to support their retirements.

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BDBNs, Estate Planning, SMSF

BDBN execution hinges on witness process

BDBN Binding death benefit nomination Executor Will In the matter of Gainer Associates Pty Ltd Estate planning

A recent NSW Supreme Court case has underscored the estate planning risks associated with not properly executing a binding death benefit nomination tied to an SMSF.

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Estate Planning

Strategy key to post-death control

SMSF Self-managed superannuation Smarter SMSF Tim Miller legal personal representative appointment

Careful planning is essential to maintain control of an SMSF after a member’s death as appointing a legal personal representative can be complex.

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Property

Fit-outs could raise SIS issues

Heffron Lyn Formica Annie Dawson commercial property SMSF Self-managed superannuation fit-out

Trustees have been urged to tread carefully when undertaking work on SMSF-held commercial properties as charging the fund for such services can lead to compliance breaches.

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Death benefits

Benefits can extend beyond dependants

Knowledge Shop Jason Hurst death benefits estate planning SIS dependants tax dependants superannuation

Individuals not classified as dependants under the SIS Act can still receive SMSF death benefits, but specific estate planning steps are required to make this possible.

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