News : SMSF

Investments, SMSF

Dig deep into related-party concerns

related party investments SMSF

Consistently reviewing the relationships between parties to an investment is the most prudent way to ensure clients do not fall foul of the related-party rules.

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Retirement, SMSF, Superannuation

Definitions key to avoid retirement confusion

Superannuation Retirement definition Financial adviser Accountant Auditor Heffron Leigh Mansell

SMSF practitioners are confusing the definition of retirement for superannuation purposes, but need to be aware there are two ways to view this event taking place.

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Accounting, SMSF, Superannuation, Tax

Timeframe limits foreign transfers

Foreign superannuation fund Lump sum payment Timeframe SMSF Superannuation rules

The Australian superannuation rules make lump sums paid from overseas pension schemes attractive but perhaps unachievable.

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Death benefits, SMSF, Succession Planning

Smaller SMSFs more practical

SMSF Succession planning Governing rules Enduring power of attorney Membership of a fund

An SMSF containing a small number of people is likely to experience fewer issues when planning for the death or incapacity of a member.

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Compliance, Documentation, SMSF

Extended absence okay for control

SMSF central management and control Australian superannuation fund CMC

The central management and control test required for an SMSF can be satisfied even if trustees are located overseas for more than two years.

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ATO, Compliance, SMSF

Set-up scrutiny drivers revealed

ATO SMSF Establishment Set-up Compliance Scrutiny

The ATO’s decision to review an application to set up an SMSF is largely driven by the history and circumstances of the individuals involved.

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Property, SMSF

Clean energy a BRP issue

Green energy Business real property SMSF

It remains unclear as to whether clean energy equipment fits the definition of business real property for SMSF purposes.

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Death benefits, Estate Planning, SMSF, Superannuation

Trustee awareness key in benefit payments

superannuation member benefit death benefit ATO SMSF

The ATO has further affirmed its treatment of a superannuation benefit paid after the death of a member will depend on the trustee’s awareness of that event.

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NALI/NALE, Property, SMSF

Cheap finance creates NALI trap

NALI NALE Property development Unit trusts family trusts SMSF

SMSFs drawing on cheap sources of finance for property developments are likely to breach the NALI rules, costing them many times more than the interest saved.

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Compliance, Property, SMSF

Zoning does not define BRP

SMSF Business real property Zoning

The zoning rules applying to a piece of real estate have no significance in determining whether the asset can be considered business real property.

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