News : SMSF

Auditing, Compliance, SMSF

Beware of altered valuations

SMSF auditor asset valuation market value $3 million superannuation earnings tax

SMSF auditors should exercise some scepticism regarding asset valuations in 2024 as trustees may be attempting to escape the impacts of the $3 million soft cap tax.

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ATO, Regulation, SMSF

Diamonds not a personal asset

Pink diamonds personal use asset collectables ATO guidance

The ATO has provided guidance on the status of pink diamonds inside an SMSF and has noted trustees should give proper consideration to how they are insured and stored.

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SMSF, SMSFA, Tax

Div 296 tax impact on farms refuted

SMSF Association ASFA farms $3 million superannuation earnings tax

The SMSF Association has rejected claims few farms in SMSFs will be affected by the proposed superannuation earnings tax as the assertion is based on incorrect ATO data.

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ATO, Regulation, SMSF

ATO bans more SMSF trustees

ATO SMSF trustee disqualification

The ATO has taken action against a further 223 trustees, bringing the total number of disqualified trustees close to 600 for 2023.

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Administration, ATO, SMSF, SMSFA

Rollover delinking process extended

ATO SuperStream SMSF rollover wind up Client-to-agent linking service

The ATO has revised its protocols regarding the agent-to-client linking service for SMSFs, adding an extended window for practitioners and trustees to delink in the event of a rollover.

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financial advice, Legislation, Retirement, SMSF

SMSF advice requirement unnecessary

SMSF Retirement Income Covenant Financial advice advisers

A recent proposal to extend the Retirement Income Covenant provisions to SMSFs is unlikely to adequately meet the current financial advice needs of trustees.

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LRBA, Property, Regulation, SMSF

Track funding for property repairs

Property repair Property improvement LRBA Limited recourse borrowing arrangement SIS Act

Trustees should be certain of the origin of the funds used to complete a repair or improvement to a property acquired under an LRBA to avoid breaching their fundamental obligations.

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Accounting, financial advice, SMSF

Advice a must for accountants

Financial advice Accountants Quality of advice review

Accountants must be allowed to play a greater role in providing financial advice so more Australians can satisfy their unmet needs in this area.

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financial advice, Retirement, SMSF

SMSFs preferred by HNW clients

HNW high net worth SMSF superannuation retirement

SMSFs are still the optimal retirement savings vehicle for high net worth individuals, with choice, control and flexibility with complex estate planning strategies the key considerations.

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ATO, SMSF

Jump in number of new SMSFs

Established SMSFs SMSF asset allocation SMSF quarterly statistical report September 2023

The September quarter saw the highest number of net SMSFs registered with the ATO in five years, with wind-ups falling to historical lows.

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