News : SMSF

Administration, ATO, SMSF

Don’t cancel ABN in wind-up process

SMSF wind-up ABN

SMSF practitioners and trustees should not cancel a fund’s ABN during a wind-up process as the wrong timing of this action will freeze the procedure.

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Administration, ATO, SMSF

Zero balance not needed in wind-up

SMSF zero balance

SMSFs do not have to reduce their balance sheet to zero during a fund wind-up and doing so may result in having to estimate a future tax payment.

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SMSF, Strategy, Tax

Reserving still an effective strategy

Contribution reserving

Holding superannuation contributions in an SMSF until the next financial year through contribution reserving remains a beneficial strategy for tax planning.

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Administration, Financial Planning, SMSF

Incapacity measure misunderstood

SMSF and incapacity

An ordinary power of attorney will not provide a proper solution for an SMSF when a member suffers from mental incapacity.

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Investments, Regulation, SMSF

Investor test needs review

SMSF investor test

There is a lack of clarity surrounding the classification of SMSF trustees as wholesale or retail clients when they choose to seek financial advice, prompting calls for further evaluation.

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financial advice, Regulation, SMSF

SMSFs ‘misfits’ under Corporations Act

SMSFs and Corporations Act

A statutory body has highlighted the challenges in classifying SMSFs under the Corporations Act, leading to uncertainties about advice, licensing and client classification.

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Administration, ATO, Contributions, SMSF

Rounding a contribution trap

contributions rounding

The application of rounding when reporting contributions can inadvertently lead to very tough compliance penalties for SMSF trustees.

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Administration, SMSF, Technology

Members to drive real-time data shift

Real time SMSF information

Member demand will be the most significant factor in speeding up the provision of real-time member information in the SMSF sector.

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Administration, Auditing, NALI/NALE, SMSF

NALE rules an extra audit burden

NALE auditors

The proposed NALE rules for general expenses to be implemented from 1 July 2023 onwards will broaden the scope of the SMSF audit.

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Administration, SMSF

ATO extends wind-up timeframe

SMSF wind-up timeframe

The timeframe open for trustees to finalise the closing of an SMSF after the lodging of the final annual return has been extended.

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