News : SMSF

Insurance source doesn’t impact tax

August 14, 2023

SMSF trustees are not required to use funds from their superannuation accumulation accounts to cover life insurance premiums in order to qualify for a tax deduction.

read more

ATO, Compliance, Pensions, SMSF, Superannuation

SMSF reserves under control

August 10, 2023

Darin Tyson-Chan

The ATO has seen the number of reserves being used by SMSFs significantly diminish and no longer regards this as a concerning compliance issue.

read more

Documentation, Investments, SMSF

Segregated assets need well-defined rules

August 10, 2023

Jason Spits

SMSF members can segregate investments within their fund, but without specific rules, returns, tax and death benefits may be allocated incorrectly.

read more

Administration, Investments, SMSF

Concept of control defined

August 9, 2023

Darin Tyson-Chan

The concept of control sought by SMSF trustees has been more specifically clarified by the latest research into the sector.

AAT overturns NALI interest ruling

August 9, 2023

Todd Wills

The AAT has ruled interest derived from a complex lending arrangement established by an SMSF trustee was not NALI despite the arrangements being at non-arm’s length.

Lost deeds undermine trust functions

August 9, 2023

Jason Spits

A lost trust deed can bring into question the ability of trustees to carry out their duties and cast doubts over the operations of the trust.

read more

Investments, NALI/NALE, SMSF

Ask clients for arm’s-length proof

August 8, 2023

Jason Spits

Given the complexity of some investment arrangements, SMSF trustees should be providing evidence they have acted on an arm’s-length basis.

read more

Compliance, SMSF, Trusts

Year end not trust payment deadline

SMSF trust distribution payment deadline

August 8, 2023

Darin Tyson-Chan

Trust distributions payable to SMSFs must be paid as soon as possible after the amount involved has been determined so as to eliminate compliance risk.