News : Administration

Administration, ATO, Compliance, SMSF

CM&C critical for fund status

Residency SMSF Central management and control test ATO

The ATO has ruled that an SMSF with an inactive member living overseas and unable to meet the central management and control test themselves was still a complying fund for concessional taxation purposes.

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Administration, ATO, Compliance, Superannuation

The SG clearing house danger

Clearing house Superannuation guarantee Pay day super ATO

The use of clearing houses to meet super guarantee requirements comes with a substantial risk of incurring penalties for late payments.

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Administration, SMSF, Tax

Capital gain type tax benefit key

Capital gains tax Capital gains SMSF Offset One-third discount

The tax position of an SMSF can be maximised by recognising the types of capital gains ineligible to have the allowable discount applied to them.

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Administration, Investments, LRBA, SMSF

Legacy LRBAs forgotten by lenders

LRBA SMSF Refinancing Legacy LRBAs Lending Loans

LRBAs from banks and lenders who have exited the SMSF space are most likely being under-serviced and advisers and accountants should be encouraging clients to review them to gain the best interest rates available.

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Administration, ATO, SuperStream

ATO issues release authority guidance

ATO SuperStream Release authority Guidance

The ATO has provided guidance to rectify issues trustees may experience when using SuperStream with regard to release authorities.

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Administration, SMSF, Superannuation

Clearing house accounts limited

Small Business Super Clearing House SMSF SBSCH Superannuation Guarantee SMSF account

SMSFs using the Small Business Super Clearing House will be limited to nominating only one bank account, but a workaround is possible for funds with a separate account for each member.

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Administration, Compliance, Documentation, SMSF

Old deeds can cause unwanted outcomes

SMSF Trust deed Update Review Death benefits LRBA

There are several triggering events that should necessitate an immediate review of an SMSF trust deed to avoid unintended consequences arising.

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Administration, Compliance, Regulation, SMSF

Court option open for disqualified trustees

Disqualified trustees Bankruptcy Wind-up SMSF Rollover APRA fund

While the super laws state disqualified SMSF trustees are unable to act on behalf of their fund, a recent court ruling has shown there are ways they can continue to make limited decisions for the benefit of the fund.

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Administration, ATO, Compliance, Investments

ATO SMSF investment role spelt out

ATO SMSF Investment strategy Investments

The ATO’s role in assessing whether an SMSF investment strategy is appropriate has been confirmed by a financial services practice principal.

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Administration, Compliance, Contributions

Second splitting request not allowed

Contribution Splitting Splitting application Concessional contribution SMSF

SMSF members only have one opportunity to make an application to split a concessional contribution with a spouse in a given financial year.

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