News : SMSF

Financial assistance more than cash loan

November 6, 2023

Breaches of the financial assistance obligations can extend beyond lending cash, with the rectification measures potentially harsh regardless of the assets involved.

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Administration, SMSF

Avoid Div 293 dual deadline confusion

November 2, 2023

Todd Wills

Trustees facing potential Division 293 tax liabilities should promptly respond to ATO notices in respect of the tax and consider using personal funds to settle the liability.

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Compliance, SMSF, Superannuation

Sole purpose must be starting point

November 1, 2023

Jason Spits

SMSFs should never try to retrospectively fit fund transactions under the sole purpose test, but use it as a first point of reference when deciding on fund-related actions.

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Administration, Investments, SMSF, Strategy

Strategy review doesn’t mean changes

November 1, 2023

Todd Wills

The mandatory annual review of an SMSF investment strategy should not be confused with a perceived requirement to make changes.

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Accounting, Administration, Auditing, SMSF

Better auditor contact beneficial

SMSF auditors Audit preparation Accurium Mark Ellem

October 31, 2023

Darin Tyson-Chan

Stronger and more frequent communication lines between accountants and advisers and their SMSF auditors will make fund audits more efficient.

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Administration, SMSF, Strategy, Tax

Family trusts can offset $3m tax

Family protection trusts Estate planning superannuation SMSF earnings tax

October 31, 2023

Todd Wills

Family protection trusts can be used to manage additional tax obligations related to existing or future legislative changes to the superannuation system.

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Accounting, Administration, ATO, Compliance, SMSF

SMSF loans still a compliance risk

SMSF loans ATO Related party transactions

October 30, 2023

Todd Wills

The ATO has urged SMSF trustees to carefully examine any borrowing arrangements in place and verify they are in full compliance with essential regulatory requirements.