News : SMSF

Administration, ATO, Compliance, SMSF

CM&C critical for fund status

Residency SMSF Central management and control test ATO

The ATO has ruled that an SMSF with an inactive member living overseas and unable to meet the central management and control test themselves was still a complying fund for concessional taxation purposes.

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Administration, SMSF, Tax

Capital gain type tax benefit key

Capital gains tax Capital gains SMSF Offset One-third discount

The tax position of an SMSF can be maximised by recognising the types of capital gains ineligible to have the allowable discount applied to them.

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Administration, Investments, LRBA, SMSF

Legacy LRBAs forgotten by lenders

LRBA SMSF Refinancing Legacy LRBAs Lending Loans

LRBAs from banks and lenders who have exited the SMSF space are most likely being under-serviced and advisers and accountants should be encouraging clients to review them to gain the best interest rates available.

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Auditing, Investments, SMSF

Private company valuations unique

Unlisted assets Private companies Valuations SMSF Market value Audit evidence

Different techniques are required to overcome the difficulties of establishing the value of an investment by an SMSF in a private company.

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Administration, SMSF, Superannuation

Clearing house accounts limited

Small Business Super Clearing House SMSF SBSCH Superannuation Guarantee SMSF account

SMSFs using the Small Business Super Clearing House will be limited to nominating only one bank account, but a workaround is possible for funds with a separate account for each member.

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Administration, Compliance, Documentation, SMSF

Old deeds can cause unwanted outcomes

SMSF Trust deed Update Review Death benefits LRBA

There are several triggering events that should necessitate an immediate review of an SMSF trust deed to avoid unintended consequences arising.

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Compliance, Education, SMSF

ATO education course takes shape

ATO Justin Micale SMSF trustee education illegal early access

The ATO will soon release the next stage of its SMSF trustee education material and has asked practitioners to reinforce its messages around preventing illegal early access.

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Investments, SMSF, Strategy

Investment strategy errors shared

The common mistakes SMSF trustees make over the fund’s investment strategy have been highlighted by a senior industry executive.

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Administration, Compliance, Regulation, SMSF

Court option open for disqualified trustees

Disqualified trustees Bankruptcy Wind-up SMSF Rollover APRA fund

While the super laws state disqualified SMSF trustees are unable to act on behalf of their fund, a recent court ruling has shown there are ways they can continue to make limited decisions for the benefit of the fund.

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Property, SMSF

Property development rules laid out

SMSF Property development SMSFRB 2020/1 Mark Ellem Accurium

SMSF trustees cannot claim they are unaware of the rules around property development, but ongoing advice may be helpful in ensuring they are properly applied.

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