News : SMSF

SMSF, SMSFA, Superannuation, Tax

Stance on Div 296 tax disappointing

SMSF Association SMSFA Peter Burgess Senate Economics Legislation Committee Division 296 Better Targeted superannuation Concessions

The SMSF Association has labelled a Senate committee’s support for the proposed Division 296 tax as it stands disappointing.

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ATO, SMSF

Law vague re SMSF unit trust role

SMSF Unit trusts NALE NALI LCR 2021/2 SIS Act

Guidance regarding whether SMSF trustees can provide services to a related unit trust without breaching the non-arm’s length income rules is unclear and ambiguous.

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Administration, ATO, SMSF

New trust reporting regime prompt issued

ATO SMSF Trust distribution Trust benefits Annual return

SMSF trustee have been reminded of the new reporting requirements taking effect in the 2024/25 financial year for trust income.

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Administration, SMSF, Tax

$3m cap adds to divorce complexity

Divorce Division 296 tax SMSF Withdrawals Contributions Earnings calculation

Calculating a final financial position in the event of a divorce may become more difficult when the Division 296 tax is introduced.

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Administration, Contributions, SMSF

Last day of June 2024 significant

superannuation Contributions 30 June minimum pension payment timing rules

Trustees and advisers need to consider the implications of having 30 June 2024 fall on a Sunday with regard to contributions and pension obligations.

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Insurance, SMSF

Insurance cover details skewed

Life insurance SMSF Investment strategy Insignia Financial The Auditors Institute

Levels of insurance cover for SMSF members are likely being clouded by the ageing demographic of members and the use of policies held outside the fund.

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Administration, Estate Planning, SMSF

Caution needed with multi-purpose deeds

SMSF Will BDBN binding death benefit nomination Deed DBA Lawyers SMSF

SMSF practitioners should carefully examine deeds that are designed with multiple features as these could potentially complicate estate planning matters for a fund.

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Legislation, SMSF, SMSFA, Tax

Div 296 will hit more than 3500 farms

Division 296 tax Farms SMSF Primary production land Indexation

The SMSF Association has presented data to a Senate committee suggesting over 3500 farms will be impacted when the $3 million soft cap is introduced.

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Insurance, SMSF, Superannuation

Avoid insurance held by another fund

SMSF Superannuation Life insurance ownership Insignia Financial Jon de Fries

SMSFs should not purchase life insurance cover held within another super fund as this type of financial protection is not legally available to them.

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Education, SMSF

New education facility from Hub24

SMSF Academy SMSF Hub24 Striver

A new education facility aimed at helping practitioners provide specialised SMSF advice for clients has been released by Hub 24.

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