News : Administration

Administration, Documentation, Legislation

Paper deeds provide legal certainty

November 27, 2023

Electronically signing a deed may expose it to litigation allowable under a state or territory outside of where the document was initially executed.

Active member contributions broader

Active member test Contribution Rollover

November 23, 2023

Darin Tyson-Chan

Trustees and practitioners must be aware the definition of contribution for the purpose of the active member test is broader than in other circumstances.

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Administration, Legislation, Tax

New TSB calculation telling

Calculation method $3 million soft cap tax Total super balance

November 21, 2023

Darin Tyson-Chan

The new method of calculating total super balances under the $3 million soft cap legislation will have greater-reaching consequences for SMSF members.

Clarity needed on illegal access discretion

Illegal early access superannuation ATO discretion tax ruling

November 16, 2023

Todd Wills

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.

ATO changes agent linking system

ATO online services Client-to-agent linking

November 8, 2023

Todd Wills

The ATO has added an extra security step to its reporting platform for businesses, requiring SMSF trustees to follow it when appointing or changing agents to act on their behalf.

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Administration, SMSF, SuperStream

SuperStream reducing rollover barriers

November 8, 2023

Jason Spits

SuperStream has made smaller rollovers more cost-effective, but the process still provides little feedback on what is taking place and potential problems that may occur.

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Administration, SMSF

Financial assistance more than cash loan

November 6, 2023

Jason Spits

Breaches of the financial assistance obligations can extend beyond lending cash, with the rectification measures potentially harsh regardless of the assets involved.

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Administration, SMSF

Avoid Div 293 dual deadline confusion

November 2, 2023

Todd Wills

Trustees facing potential Division 293 tax liabilities should promptly respond to ATO notices in respect of the tax and consider using personal funds to settle the liability.