News : Administration

Administration, ATO

ATO ends use of spreadsheet TBARs

spreadsheet TBARs

SMSF advisers will be forced to use online tools to lodge transfer balance account reports after the ATO announced it will no longer accept spreadsheet-based reports after 31 October.

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Administration, ATO

Advisers warned to hold off on servicing own funds

SMSF non-arm's length income

SMSF advisers should wait for clarification as to whether managing their own fund’s affairs will be captured by changes to the non-arm’s length income regime.

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Administration, ATO, Pensions

ATO guidance needed on transitional TBA confusion

transitional TBA confusion

A lack of understanding about the TBA reporting requirements has resulted in pensions being double counted and members being unnecessarily penalised, an SMSF expert has claimed.

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Administration, Financial Planning

Debate sparked over adequacy of single SOA

SMSF statement of advice

A debate has fired up as to whether more than one statement of advice is needed for SMSF clients to adequately disclose the significant risks associated with this type of super structure.

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Administration, Estate Planning

Replacement trustee option essential in SMSF deeds

SMSF deeds replacement trustee

Trust deeds should ensure an SMSF have an option to nominate a replacement trustee in the event of a member’s death and not assume someone will be appointed to the role, an SMSF expert says.

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Administration, ATO

ATO addresses ineligible downsizer contributions

ineligible downsizer contributions

The ATO has highlighted the correct administration process for ineligible downsizer contributions for SMSF trustees.

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Administration, Documentation

EPOAs may save trustees future trouble

SMSF enduring power of attorney

Trustees who do not grant an enduring power of attorney while they have the capacity to do so may place their SMSF at risk of being non-compliant in the future, an SMSF expert says.

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Administration, Compliance

SMSF record-keeping essential to compliance

SMSF record-keeping requirements

Trustees should be aware of their record-keeping requirements under the SIS Act in order to stay compliant, an expert says.

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Administration, Regulation

SMSF administrator calls for SuperStream clarity

An SMSF stakeholder has called for clarity on what funds should do about the introduction of SuperStream now its implementation date has been postponed.

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Administration

SuperConcepts to set up innovation lab

SuperConcepts will set up an innovation lab to develop new automated solutions and a range of prototypes for SMSF software.  

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