News : SMSF

Administration, Commercial Property, Compliance, In-house assets, LRBA, Property, SMSF

Dual-use properties a compliance risk

SMSF business real property in-house asset

SMSF trustees must use acquired business real property solely for the purposes of operating a business to avoid triggering in-house asset rules.

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Compliance, Legislation, SMSF, SuperStream, Tax

$3m cap offers no revenue relief

Superannuation earnings tax penalty

Superannuants will not receive any relief from the revenue calculation associated with the $3 million soft cap in the event of a tax liability.

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Administration, Platforms, SMSF

SuperMate improves user functionality

SuperMate SMSF administration

The functionality available on the SuperMate SMSF administration platform has been enhanced with improved user access to key information.

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Accounting, Administration, Contributions, fraud, SMSF, SMSFA

Fraud raises compliance snags

SMSF fraud compliance contributions

The regulator’s stance regarding situations where benefits of a fund have been accessed via fraudulent activities remains a little unclear.

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Administration, Appointments, SMSF

SMSF Alliance adds new head of growth

SMSF Alliance Sarah Pressler

SMSF administrator SMSF Alliance has appointed a former SuperConcepts key manager to a new role focused on expanding the business.

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Auditing, Compliance, SMSF

Auditor independence issues persist

Auditor independence

The ATO is continuing to identify cases where auditors are breaching the independence standards outlined in APES 110 and failing to meet their regulatory obligations.

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Administration, Retirement, SMSF, Superannuation

Control now of greater importance

SMSF motivation control

The need to have greater control over their superannuation is becoming an increasingly important element motivating individuals to establish an SMSF.

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Documentation, NALI/NALE, SMSF

Zero fees a NALE trap

SMSF fees zero NALE

SMSF practitioners bundling service fees into other costs paid by a trustee will raise questions as to what has been charged and may lead to the ATO viewing that charge as a NALE breach.

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SMSF

SMSFs attract lower-income women

SMSF growth lower income women

The SMSF sector has continued to grow as women with lower balances outpace men in the area of new fund establishments.

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Compliance, Legislation, Regulation, SMSF, SMSFA

SMSFA calls for residency reform completion

SMSF residency rules

The SMSF Association has urged the government to fulfil its promise to complete reforms to the SMSF residency rules first put forward by its predecessors two years ago.

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