News : Administration

Administration, BDBNs, Death benefits, Documentation

Case shows need for BDBN paper trail

SMSF BDBN Capacity Death benefit NSW Supreme court

The NSW Supreme Court has deemed a BDBN made on the day of an SMSF member’s death valid, despite a challenge in relation to the deceased’s capacity to execute the document.

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Administration, ATO, SMSF

Don’t ignore ATO contact

SMSF registration process Establishment ATO contact Trustee declaration

Trustees of new SMSFs should be aware the ATO may contact them and it is vital they respond to ensure their fund is registered with the regulator.

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Administration, Regulation, SMSF

SMSFs can report GST annually

ATO GST SMSF Reporting

SMSFs can save time and administrative costs by electing to report their GST obligations annually, provided they meet a certain set of conditions.

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Administration, ATO, SMSF, SMSFA

Rollover delinking process extended

ATO SuperStream SMSF rollover wind up Client-to-agent linking service

The ATO has revised its protocols regarding the agent-to-client linking service for SMSFs, adding an extended window for practitioners and trustees to delink in the event of a rollover.

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Administration, Documentation, Legislation

Paper deeds provide legal certainty

SMSF trust deed electronic execution

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

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Administration, Compliance, Contributions

Active member contributions broader

Active member test Contribution Rollover

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, ATO, Compliance, Regulation

Clarity needed on illegal access discretion

Illegal early access superannuation ATO discretion tax ruling

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.

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Administration, ATO, Compliance, SMSF, SMSFA

ATO changes agent linking system

ATO online services Client-to-agent linking

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

SuperStream SMSF rollover

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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