The Institute of Actuaries has expressed its concerns regarding the ATO’s approach toward the use of the segregated method within an SMSF when determining assets that have been used to support an income stream or streams.

The SMSF Association has welcomed the ATO’s decision to extend the lodgement date for SMSF annual returns in light of the superannuation legislation changes and compliance points funds need to get through before 1 July.

The ATO has notified advisers they can request information from the SMSF regulation body regarding their clients’ total superannuation balance in order to determine compliant contribution strategies in the lead-up to 1 July.

The ATO has issued Practical Compliance Guideline (PCG) 2017/5 demonstrating the approach it will take in regard to the commutation of pensions for the 2017 financial year in an effort to comply with the newly imposed $1.6 million transfer balance cap.

SMSF trustees have been given the assurance they have been seeking to address any uncertainty in regard to the commuting of account-based pensions with the release of the ATO’s Practical Compliance Guideline (PCG) 2017/5, according to a sector technical expert.

There is growing industry concern about the ATO potentially deeming the traditionally straightforward move from a transition-to-retirement income stream (TRIS) to an account-based pension as a new pension interest, a technical expert has revealed.

The complexities of identifying and applying capital gains tax (CGT) relief for SMSFs has resulted in professionals working together to ensure their clients did not miss out on the one-off tax concession, according to BT Advice Technical.

Many SMSF advisers are grappling with which of their clients’ pension accounts to roll back, yet any further taxation changes made by the government will have a significant impact on the final decision, an industry SMSF lawyer has warned.

The ATO’s update to Law Companion Guideline (LCG) 2016/8 has provided the industry with several examples around capital gains tax (CGT) relief in relation to transition-to-retirement income streams (TRIS). LCG 2016/8 “Superannuation reform: transfer balance cap and transition-to-retirement reforms: transitional CGT relief for superannuation funds”, released last Thursday, expanded upon the objective of the clause, […]