News : SMSF

SMSF

SMSFs record exceptional growth

New SMSFs Class Class Ignite 2024 Wind-ups Growth 2024 Annual Benchmark report

SMSF establishments over the 2024 financial year are predicted to hit around 30,000 new funds, with growth driven largely by younger members.

read more
Pensions, Retirement, SMSF

Trustees retiring earlier with more

Class SMSF TRIS Transition-to-retirement income streams APRA Pension

Research has found a much higher percentage of SMSF trustees are in pension phase and have larger member balances compared to those in APRA-regulated funds.

read more
Auditing, SMSF

Qualified audit isn’t non-compliance

ATO Audit Valuation Qualification

SMSF trustees may overestimate the consequences of a compliance breach related to asset valuations, but they are still required to make efforts to obtain sufficient evidence.

read more
ATO, Regulation, SMSF

Non-residency must be reported

Annual return ATO SMSF Residency Central management and control test

The non-resident status of an SMSF must be reported to the ATO rather than it informing practitioners of that fact as they would have the information before the regulator.

read more
Contributions, SMSF, SuperStream

Trustees still bypassing SuperStream

Research has shown a significant proportion of trustees are neglecting to use SuperStream when processing contribution transactions.

read more
BDBNs, Documentation, SMSF

Avoid deed restrictions, but keep instructions

New SMSF deeds should not lock down the operation of BDBNs or pensions, but not be so open ended they lack any reference to how they will be executed at the appropriate time.

read more
SMSF, Tax

Volatility shows Div 296 inequity

Large swings in the value of volatile assets, which could lead to SMSFs being subject to Division 296 tax, highlights the problem with taxing unrealised gains.

read more
Contributions, SMSF, Superannuation

NCCs spike after work test removal

Non-concessional contributions Class Ignite 2024 2024 Annual Benchmark Report NCC Work test Class

The Class “2024 Annual Benchmark Report” has revealed a significant increase in the amount of non-concessional contributions made by SMSF members aged 65 and over.

read more
Regulation, SMSF

Central management and control test misunderstood

Central management and control test Katie Timms Two-year rule CMC

SMSF trustees travelling overseas are retrospectively applying the two-year rule to the central management and control test rather than correctly stating their intentions prior to departure.

read more

Copyright © SMS Magazine 2024

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.