News : Compliance

ATO, Compliance, Crypto Assets, SMSF

ATO monitoring crypto tax reporting

ATO SMSF Annual return Cryptocurrency

The ATO is conducting a data-matching project to ensure SMSFs and investors accurately report cryptocurrency sales in their annual returns.

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Compliance, SMSF

Barrier low to close unused funds

SMSF Wind-up Heffron Lyn Formica

SMSF trustees who have not actually used their fund can wind it up via a simple process, but will be questioned if they wish to start a new one in the future.

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Administration, ATO, Compliance, SMSF

ATO issues end-of-year reminders

ATO SMSF SAR SMSF annual return Concessional contribution cap Non-concessional contribution cap Minimum pension payment

SMSF trustees have been reminded to check the accuracy of their fund details on the SMSF annual return before lodging and ensure they pay members the minimum pension amount by 30 June.

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Compliance, Pensions, SMSF

Lumpy assets require regular valuation

SMSF asset valuation large assets lumpy assets Pension standards Minimum pension payments Heffron Lyn Formica

Regular valuations for large assets in an SMSF are vital in order to comply with the pension standards and the minimum payment requirement.

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Administration, Compliance, Regulation, Superannuation

Pre-bankruptcy transfers unprotected

Bankruptcy Superannuation transfers Federal Court Kirk as trustee of the Property of Smith (a Bankrupt) v Smith [2024] Creditors

Superannuation balances transferred prior to a declaration of bankruptcy will not protect those assets from the claims of creditors.

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ATO, Compliance, Contributions, SMSF

Deduction notice reminder issued

ATO SMSF Contribution deductions Notice of intent

The ATO has reminded SMSF members they cannot claim a deduction for personal contributions without informing their fund, which must acknowledge the course of action.

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Administration, ATO, Compliance, SMSF

Retirement means major work change

Gainful employment ATO Retirement condition of release

To meet the definition of retirement and satisfy a condition of release, an individual’s employment arrangement must change significantly.

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ASIC, Compliance, fraud

Ex-adviser banned for SMSF fraud

ASIC SMSF Brett Andrew Gordon Fraud

A former adviser convicted of fraud for using funds from his clients’ SMSF accounts has been permanently banned a year after he received a jail sentence for the crime.

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Administration, Compliance, SMSF

Divorce breaks asset transfer limits

Divorce SMSF Wind-up SIS Act Assets Trust deed

Trustees winding-up a fund should be aware there are limited circumstances when assets can be transferred to a related party but these fall away in the event of divorce.

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Compliance, Legislation, SMSF, Tax

Div 296 myths already present

Division 296 tax SMSF Myths

Myths regarding the operation of the proposed Division 296 tax are already evident and may cause unnecessary and flawed SMSF strategies.

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