News : Compliance

ATO, Compliance, Death benefits, Documentation, Regulation

Benefit review reinforced by ruling

Death benefit Incapacity Benefit payments Documentation

The need to have up-to-date SMSF documents related to incapacity and benefit payments has been brought to the fore by a recent ATO private ruling on benefit payments after the death of a member.

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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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Commercial Property, Compliance, NALI/NALE, Property

Lease pre-payment a NALI risk

NALI Lease pre-payment Business real property Related-party tenant

SMSFs accepting advance payments from a related-party tenant for leasing business real property have been warned such an arrangement may expose the fund to NALI.

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Compliance, Regulation

Related-party collectable rules strict

SIS Regulations SMSF related party personal use assets collectables

The Superannuation Industry (Supervision) Regulations impose many restrictions on related-party transactions involving personal-use assets of an SMSF.

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ATO, Compliance, Management, Tax

GST status needs regular review

GST turnover registration SMSF

Trustees have been reminded they must register their SMSF for GST once the fund fulfills specific conditions related to the types of transactions it conducts.

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Accounting, Compliance, Legislation, Tax

Tax on unrealised gains not new

Treasury unrealised capital gains $3 million superannuation earnings tax

Treasury has stipulated the taxing of unrealised capital gains is not unique to the proposed earnings tax on individual superannuation balances over $3 million.

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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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Compliance, Legislation, NALI/NALE, Tax

NALE bill doesn’t extend amnesty

NALE ATO Non-arm's length expenditure PCG 2020/5

SMSF trustees cannot rely on PCG 2020/5 from 1 July 2023 to avoid a severe tax penalty should they incur non-arm’s-length general expenses.

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Compliance, Contributions, Legislation, Superannuation

Payday super needs new penalty regime

Superannuation guarantee Contributions SG Payday super IFPA

Government plans to align super contributions with salary payments should be accompanied by a progressive penalty system.

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Compliance, SMSF, Superannuation

Sole purpose must be starting point

SMSF sole purpose test

SMSFs should never try to retrospectively fit fund transactions under the sole purpose test, but use it as a first point of reference when deciding on fund-related actions.

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