News : SMSF

Money exited from system permanent

February 15, 2024

Pension commutations ATO SMSF Rectify Error Transfer balance account

Pension commutations that exit money from the retirement savings system are regarded by the ATO as definitive and non-reversible.

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Compliance, Legislation, SMSF, Tax

Asset value change a Div 296 risk

Division 296 tax Liability Asset valuations SMSF Refund

February 15, 2024

Todd Wills

The unexpected variation in the value of assets held within SMSFs may expose trustees to a $3 million soft cap tax liability with little relief available to obtain a refund on any losses.

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Retirement, SMSF, SMSFA, Superannuation

SMSF Association opposes RIC inclusion

SMSF Association Investment strategy Retirement Income Covenant

February 14, 2024

Todd Wills

The SMSF Association believes communication at crucial stages of the SMSF journey would be a more practical strategy to realise the aims of the Retirement Income Covenant.

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Administration, Education, SMSF

Admin provider unveils educational videos

SMSF SMSF Alliance David Busoli Administration Educational content Videos

February 14, 2024

Jason Spits

An SMSF administration provider has launched a series of short, animated videos available to all advice providers to help educate trustees and members.

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ATO, Compliance, SMSF

ATO worry over loans to members

ATO SMSF Loans to members illegal early access Paul Delahunty

February 13, 2024

Darin Tyson-Chan

The ATO is worried about the practice of SMSFs lending money to members as a flag for potential illegal early access of fund assets.

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Regulation, Retirement, SMSF

Logic of SMSFs under RIC questioned

FAAA Financial Advice Association Australia RIC Retirement Income Covenant SMSFs

February 13, 2024

Jason Spits

The government has been questioned as to why it is considering the inclusion of SMSFs under the Retirement Income Covenant, given their high levels of member engagement and access to advice.

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Administration, financial advice, SMSF

Incapacity too big to ignore

February 12, 2024

Jason Spits

The growing cohort of older SMSF trustees and members means advisers and auditors should be preparing to deal with more issues related to incapacity.

RIC unnecessary for SMSFs

SMSF Retirement Income Covenant Investment strategy IFPA

February 12, 2024

Todd Wills

The government is being encouraged to exclude SMSFs from the provisions of the Retirement Income Covenant after it recently raised the possibility of their inclusion.

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Auditing, Compliance, SMSF

Lower-cost audits fraught with risks

Auditor independence standards SMSF auditors APES 110 Auditing services Low-cost

February 8, 2024

Todd Wills

The increasing use of cheaper, outsourced SMSF auditing services may pose new risks in relation to upholding the independence standards for auditors in the sector.

Investment bands totally unnecessary

SMSF Investment strategies Asset allocations tables SIS Act

February 7, 2024

Darin Tyson-Chan

The inclusion of specific allocations to particular asset classes in SMSF investment strategies should be avoided to mitigate compliance issues.

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