News : SMSF

SMSF, Strategy, Superannuation, Tax

Earnings tax creating capital gains confusion

$3 million earnings tax capital gains

The inclusion of unrealised gains within the proposed $3 million earnings tax is confusing superannuation fund members.

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Administration, Insurance, Management, SMSF

Older policies can trap benefits

Temporary incapacity insurance SMSF

SMSF members with temporary incapacity insurance may find the benefits trapped in the fund if the policy has not been reviewed or funded through the right channels.

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Administration, Documentation, Management, Regulation, SMSF

State laws complicate incapacity rules

SMSF incapacity

When preparing for the incapacity of an SMSF trustee, practitioners must be aware of the legislative requirements of each state and territory where the fund may hold assets or interests.

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LRBA, SMSF, Superannuation, Tax

LRBA TSB treatment a soft cap issue

$3 million soft cap LRBA apportioning

The apportioning of LRBA liabilities remaining to be paid to the total super balance of SMSF members is another $3 million soft cap issue.

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SMSF, Superannuation

SMSFs lead in satisfaction ratings

Roy Morgan Superannuation satisfaction

The level of contentment of SMSF fund members with their choice of superannuation vehicle continues to remain high despite an overall decline in super satisfaction.

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Administration, Compliance, SMSF

Offshore member status needs consideration

SMSF residency rules

SMSFs with members living overseas should be reviewing their stake in the fund to ensure they are not breaching residency rules, which have not changed despite government announcements.

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Administration, Auditing, SMSF

Resolution key for sign-offs

Preparing financial statements

A resolution requiring the approval of all members of an SMSF in preparing financial statements may negate the risk of a dispute and ensure compliance within the fund.

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Compliance, NALI/NALE, Property, SMSF

Commercial lease negates NALI

NALI

A rise in the market value of an SMSF property is unlikely to trigger the NALI rules if a commercial lease with the tenant exists.

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Pensions, Retirement, SMSF

Single-asset segregation barred

SMSF single asset segregation

A single asset cannot be treated in a manner that allows it to support some SMSF members in accumulation phase and others with a pension account.

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