News : SMSF

Division 296, SMSF, Superannuation, Tax

Div 296 will still segregate tax bills

The treatment of capital gains under the Division 296 impost will not change, with individuals unable to offset personal tax with that paid by their fund.

The treatment of capital gains under the Division 296 impost will not change, with individuals unable to offset personal tax with that paid by their fund.

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financial advice, Financial Planning, SMSF

SMSFs classed as risky in new framework

A new framework has been put forward that will simplify the provision of advice, but ranks SMSFs as complex and risky.

A new framework has been put forward that will simplify the provision of advice, but ranks SMSFs as complex and risky.

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Documentation, SMSF

Wind-up documents often forgotten

Advisers and trustees can forget key documents when winding up an SMSF, requiring extra vigilance from auditors with these funds.

Advisers and trustees can forget key documents when winding up an SMSF, requiring extra vigilance from auditors with these funds.

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Documentation, SMSF, Trusts

Add family members on conditional basis

SMSF trustees should admit new members on a conditional basis only to create a built-in mechanism to eject them if necessary.

SMSF trustees should admit new members on a conditional basis only to create a built-in mechanism to eject them if necessary.

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Education, SMSF, Superannuation

Call for SMSF ‘nudge’ in DBFO package

The peak SMSF body has called on the government to extend the member ‘nudge’ rules beyond industry and retail super funds.

The peak SMSF body has called on the government to extend the member ‘nudge’ rules beyond industry and retail super funds.

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financial advice, Financial Planning, SMSF

Advice-related complaints surge

Complaints to AFCA regarding investments and advice jumped in the last financial year, with a significant number relating to the use of SMSFs.

Complaints to AFCA regarding investments and advice jumped in the last financial year, with a significant number relating to the use of SMSFs.

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ATO, Compliance, SMSF, Tax

The focus on lifestyle assets

The ATO has a lifestyle data-matching program it is using to ensure SMSF compliance requirements applying to these items are being satisfied.

The ATO has a lifestyle data-matching program it is using to ensure SMSF compliance requirements applying to these items are being satisfied.

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Division 296, SMSF, Tax

Div 296 changes announced

The government will change the proposed Division 296 tax to only apply to realised earnings, but will add a second threshold at a higher rate.

The government will change the proposed Division 296 tax to only apply to realised earnings, but will add a second threshold at a higher rate.

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SMSF, Trusts

Ensure trustee company status maintained

The difficulty in reinstating a deregistered trustee company increases where a director is absent and can be avoided by an annual review.

The difficulty in reinstating a deregistered trustee company increases where a director is absent and can be avoided by an annual review.

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financial advice, Financial Planning, SMSF

SMSF structure stymies compensation

The Compensation Scheme of Last Resort has called for changes to payments that could be delayed due to SMSF trust structures.

The Compensation Scheme of Last Resort has called for changes to payments that could be delayed due to SMSF trust structures.

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