News : SMSF

AAT, Compliance, Investments, SMSF

Strategy must match investment actions

SMSF Investment strategy SIS Act Merchant v Commissioner of Taxation [2024] Administrative Appeals Tribunal DBA Lawyers Shaun Backhaus

SMSF trustees cannot only articulate an investment strategy, but must give effect to it each year to be compliant with their obligations under superannuation law.

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Auditing, Documentation, Regulation, SMSF

Auditors in court over poor records

SMSF auditors ATO ASIC Documentation Asset valuations

Auditors are increasingly ending up in court for not properly documenting their reasons for approving asset valuations in the funds they audit.

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ATO, Auditing, Compliance, SMSF

ATO auditor notices spark confusion

SMSF Self-managed superannuation SMSF auditors ATO Unchanged asset valuations

SMSF auditors are confused by the ATO’s compliance program targeting funds with unchanged asset valuations due to unclear guidance on which funds are at risk.

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ASIC, Regulation, SMSF, Superannuation

Senate inquiry slams ASIC over Dixon response

ASIC Senate Dixon Advisory Self-managed superannuation SMSF Senate inquiry

A Senate committee has criticised ASIC for its response to the Dixon Advisory case as part of an inquiry into the regulator’s handling of corporate misconduct.

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Administration, Insurance, SMSF, Superannuation

No distinction in insurance benefit treatment

Life insurance SMSF Self-managed superannuation Premiums Death benefits Member benefits

Benefits paid from a superannuation-funded life insurance policy do not have different status to other benefits, unless held by a separate super vehicle.

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Legislation, SMSF, SMSFA

Early election could delay Division 296 bill

SMSF Association Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) bill SMSF Self-managed superannuation Division 296 tax

The proposed Division 296 tax may not pass through parliament until 2025 if an election is announced in August.

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SMSF

Limited options for payments to closed fund

SMSF Self-managed superannuation Wind-up payment Heffron Annie Dawson

There are limited options to handle any late payments made to members of an SMSF in wind-up, requiring awareness of what is still outstanding at the time.

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Death benefits, SMSF

EPOA actions for ill member stifled

EPOA Enduring power of attorney Anthony Cullen SMSF Self-managed superannuation Accurium

Several different factors can restrict the ability of a person who is a death beneficiary and has an EPOA to exit the assets of a dying SMSF member.

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ATO, SMSF, Tax

ATO releases Division 293 caution

Division 293 Self-managed superannuation ATO SMSF Release authority

SMSF trustees must follow ATO procedures before paying a Division 293 liability with monies from their superannuation funds or risk breaching their compliance obligations.

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Administration, ATO, SMSF

Compliance focus impacts wind-ups

ATO SMSF Wind-up Compliance activities

The ATO’s increased emphasis on its compliance activities has had a significant impact on the number of SMSFs wound up this year.

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