News : SMSF

Compliance, NALI/NALE, SMSF

NALI based on actions, not parties

NALI actions parties

The nature of the dealings and not the relationship between parties is the key focus of the NALI provisions and is confusing some practitioners.

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BDBNs, Estate Planning, SMSF, Trusts

SMSF testamentary trust released

SMSF testamentary trust

A new service has been launched to aid advisers and trustees in managing litigation risks in estate planning by combining a binding death benefit nomination with an SMSF testamentary trust.

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Compliance, SMSF, Superannuation, Tax

$3m cap won’t destroy SMSFs

Superannuation earnings tax

SMSFs will remain an attractive superannuation vehicle despite the impacts of the $3 million super earnings tax.

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ATO, Compliance, SMSF, Tax

Tax agent banning decision upheld

Tax practitioners board ban

The AAT has upheld the Tax Practitioners Board’s decision to terminate the tax agent registration of a Victorian tax agent as a result of deliberate misleading conduct.

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ATO, Contributions, SMSF, Superannuation

ATO error denying deductions

Personal superannuation contributions deductions

Some SMSF members are incorrectly being denied the ability to claim a tax deduction for personal contributions due to an ATO procedural error.

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Compliance, Pensions, SMSF

Minimums key for multiple pensions

Minimum pension payments

Withdrawing more than the minimum amount from one pension will not fulfil the minimum payment requirement for another pension.

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Property, SMSF

Software property valuations limited

SMSF property valuations

The strength of SMSF property valuations generated by administrative software applications is dependent on when the procedure is performed.

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ATO, Compliance, Pensions, SMSF

Limited discretion for pension shortfall

Minimum pension

SMSF trustees have limited opportunities to seek ATO discretion when they fail to meet their minimum pension requirements.

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ATO, Compliance, Pensions, SMSF, Superannuation, Tax

ATO clarity required on TRIS

TRIS

The lack of clarity on how the ATO will handle non-compliance with transition-to-retirement income stream requirements will require SMSFs to stick closely to the law.

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Compliance, SMSF

Small hint given on residency rules

SMSF residency rules

The SMSF sector has been given an indication on the status of the changes to the superannuation residency rules via recent ATO action.

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