News : SMSF

ASIC, Compliance, SMSF

Macquarie fined over SMSF fees

ASIC SMSF Macquarie Bank Federal Court Unauthorised fees Ross Hopkins Cash management accounts

Macquarie Bank has been ordered to pay $10 million in fines after failing to prevent unauthorised fee transactions from its clients’ SMSF accounts by a third party.

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Administration, ATO, SMSF

ATO changes trustee messages

ATO SMS SMSF remove hyperlinks

The ATO has notified SMSF trustees it has changed the content of its SMS text alerts in order to prevent scams.

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Platforms, Practice Management, SMSF, Technology

Intelliflo adds SMSF modelling tool

intelliflo office intelliflo SMSF

Advisers using the intelliflo platform will now be able to access cash-flow modelling tools to support SMSF clients.

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BDBNs, Death benefits, SMSF, Superannuation

BDBN reforms supported

SMSF BDBN Superannuation death benefits Deed Enduring power of attorney

Proposed BDBN reforms put forward by the Law Council of Australia have gained a tick of approval from SMSF professionals.

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Administration, ATO, SMSF

Extended wind-up window effective

SMSF Wind-up ATO ABN

SMSF wind-ups have become simpler due to an ATO decision to extend the timeframe for cancelling an Australian business number from 14 to 28 days.

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Death benefits, Pensions, SMSF, Tax

Div 296 reversionary pension trap

Division 296 Tax SMSF Reversionary pension Non-reversionary pension Death benefit pension

Superannuants with reversionary pensions may be unwittingly captured by the proposed Division 296 tax a year earlier than necessary.

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ATO, Compliance, SMSF

ATO issues illegal access fact sheet

ATO SMSF Illegal early access Illegal early release Fact sheet

The ATO has issued a fact sheet to remind SMSF trustees not to use the services of people promoting access to superannuation before they are eligible to withdraw it.

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Cryptocurrency, Documentation, Investments, SMSF

Failed crypto investments a liability risk

Cryptocurrency Digital assets Investment strategy Trust deed SIS Act SMSF Liability Sole purpose test

SMSF practitioners should check if client funds are correctly holding digital assets as they may become liable for losses if the fund doesn’t permit investments in the asset class.

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AAT, ATO, LRBA, SMSF

SMSF lending ruling not a model to adopt

SMSF AAT ATO Private lending NALI non-arm’s length income BPFN

The ATO has warned an Administrative Appeals Tribunal ruling regarding private lending in an SMSF should not be taken as a model to apply to other arrangements.

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