News : Compliance

Compliance, Investments, Regulation

SMSF segregation switching to attract ATO scrutiny

tax advice

Superannuation regulations permit investment segregation to be used in an SMSF subject to the ‘fair and reasonable’ standards, however, behaviour intended to manipulate tax outcomes, specifically setting up a second SMSF, will bring ATO scrutiny.

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ATO, Compliance

Market-linked pensions in the new reporting regime

There has been a lot of information published in relation to the transfer balance account report (TBAR) requirements for account-based pensions (ABP), which, while certainly onerous, are reasonably simple in theory. Capped defined benefit income stream (CDBIS), however, are not quite as simple, with additional reporting requirements coming to light now, more than a year […]

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Accounting, Compliance, Financial Planning

Accountants given added SMSF advice warning

An audit expert has said unlicensed accountants must take even greater care when providing execution-only services to their clients in the midst of the banking royal commission as it still may be taken as advice.

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ATO, Compliance

Proper procedure needed with TBAR corrections

The ATO has stipulated certain processes are absolutely necessary to correct any errors relating to transfer balance account reports (TBAR).

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Compliance, Regulation

NALI dictates better expense examination

The ATO’s amended stance on non-arm’s-length income (NALI) to include cost savings means advisers must now perform a more comprehensive analysis of certain expenses an SMSF incurs to avoid the associated income being taxed at the highest marginal tax rate, a technical expert has said.

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Compliance, Documentation

Recent court case a spur for EPOA review

SMSF advisers and trustees have been urged to take another look at their enduring power of attorney (EPOA) arrangements following a recent Queensland Supreme Court judgment.

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ATO, Compliance, Regulation

SMSFs falling over on basic TBAR errors: ATO

The ATO has received transfer balance account reports (TBAR) from 135,000 SMSFs thus far, but trustees are being caught out by basic errors in the information they are supplying.

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Compliance

BDBN formalities best kept simple

An SMSF lawyer has suggested it is best practice to keep any rules governing the validity of binding death benefit nominations (BDBN) in a fund’s trust deed as simple as possible to avoid potential court challenges from aggrieved beneficiaries.

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Administration, Compliance

ECPI compliance risk reduced on SMSF software

The latest feature added to SuperMate will allow actuarial certificates to be validated automatically when SMSFs claim exempt current pension income (ECPI), reducing time, costs and exposure to compliance risks.

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ATO, Compliance, Strategy

ATO flags multiple SMSFs issue

The ATO has revealed it is examining the use of multiple SMSFs to manipulate tax outcomes as a new emerging matter.

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