News : SMSF

Administration, ATO, Contributions, SMSF

Contribution reserving admin clumsy

Contribution reserving Concessional contribution ATO Administration SMSF SMSF annual return

Practitioners and their SMSF clients must understand the proper administrative procedure involved with a contribution reserving strategy.

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SMSF, Tax

Div 296 payment method inconsistent

DBA Lawyers Dan Butler SMSF Division 296

Paying the Division 296 tax from an SMSF would run counter to the narrative funds should not be releasing money before members meet specific age and work-based criteria.

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Insurance, Pensions, SMSF, Tax

Insurance benefits limited by pensions

Insurance SMSF Income stream Pension

Certain retirement income streams can limit SMSFs from claiming the full range of tax benefits available on their insurance policies.

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ATO, Compliance, Investments, SMSF

Unchanged asset values on notice

SMSF annual return Asset values Auditors ATO Contravention reports

The ATO will be paying particular attention to SMSFs that continue to report unchanged asset values and will be focusing on annual returns to be lodged later this year.

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Administration, ATO, Compliance, Regulation, SMSF

Active member test hinges on contributions

Active member test Contribution SMSF Residency ATO PBR

An SMSF can still meet the active member test if a trustee leaves Australia for an extended period, but the fund’s complying status will depend on contributions made during that time.

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Compliance, Regulation, SMSF

Stamp duty waiver needs legal counsel

Stamp duty exemption concessiobn SMSF Property transfer Division 296 tax

SMSF practitioners could face potential legal action if they incorrectly advise clients on stamp duty exemptions when transferring assets from a fund.

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SMSF

Zero balance at closure unnecessary

SMSF zero balance wind-up Heffron Lyn Formica

SMSF practitioners who insist a fund should have a zero balance at wind-up may be creating unnecessary tax issues at the last stage of it closure.

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Administration, ATO, SMSF

Avoid copycat SMSF names

ATO SMSF Name Super Fund Lookup ABN Establishment

The ATO has advised the name given to an SMSF should be sufficiently different from that of any other super fund to avoid delays in its establishment and operation.

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SMSF, Superannuation

First CSLR payments made

Compensation Scheme of Last Resort CSLR First payments David Berry SMSF self-managed super fund

The Compensation Scheme of Last Resort has paid out $360,000 in its first batch of payments, with one of the first cases settled relating to inappropriate SMSF advice.

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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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