News : SMSF

Administration, Estate Planning, SMSF

Caution needed with multi-purpose deeds

SMSF Will BDBN binding death benefit nomination Deed DBA Lawyers SMSF

SMSF practitioners should carefully examine deeds that are designed with multiple features as these could potentially complicate estate planning matters for a fund.

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Legislation, SMSF, SMSFA, Tax

Div 296 will hit more than 3500 farms

Division 296 tax Farms SMSF Primary production land Indexation

The SMSF Association has presented data to a Senate committee suggesting over 3500 farms will be impacted when the $3 million soft cap is introduced.

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Insurance, SMSF, Superannuation

Avoid insurance held by another fund

SMSF Superannuation Life insurance ownership Insignia Financial Jon de Fries

SMSFs should not purchase life insurance cover held within another super fund as this type of financial protection is not legally available to them.

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Education, SMSF

New education facility from Hub24

SMSF Academy SMSF Hub24 Striver

A new education facility aimed at helping practitioners provide specialised SMSF advice for clients has been released by Hub 24.

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Insurance, Regulation, SMSF

Insurance consideration ineffective

Life insurance SMSF Liability Investment strategy

The number of SMSFs holding life insurance appears to not have increased significantly since the introduction of a requirement to consider these policies as part of a fund’s investment strategy.

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Pensions, SMSF, Technology

Check pension rollover process in software

SMSF Superannuation Divorce Pension commutation accumulation administration software

SMSF practitioners should not confuse software processes with legal requirements when it comes to rolling a pension from one fund to another.

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Administration, ATO, SMSF, Tax

Confusion over education deductions

Education expenses Deduction ATO Taxation ruling

SMSF trustees are still attempting to claim certain education expenses as deductions despite recent ATO guidance on the matter.

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Investments, SMSF, SMSFA

Little benefit in performance test

Performance test SMSF SMSF Association Investment strategy

Extending a performance test applied to APRA-regulated funds to the SMSF sector would add red tape and increase costs without any benefit.

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Death benefits, SMSF, Strategy, Tax

Consider deduction instead of wind-up

SMSF Death benefit Future services deduction Death Disability Wind-up

Trustees should consider a lesser-known tax deduction as a viable alternative to closing down their SMSF when a member is approaching a death or incapacity event.

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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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