News : SMSF

Administration, Compliance, Regulation, SMSF

Deeds can force member exits

SMSF member exit deed

SMSF members can be forced out of a fund, but only in cases where deeds have been structured to include trigger events requiring their exit.

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ASIC, Compliance, SMSF

ASIC sues Dixon Advisory director

ASIC Paul Ryan Dixon Advisory

ASIC has taken legal action against a company director for allegedly breaching his duties and failing to act in the interests of creditors during insolvency.

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Residential Property, SMSF

Airbnb rental is not a business

SMSF business AirBnB

Renting out an SMSF residential investment property using Airbnb does not qualify as a situation where the trustee is running a business.

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ASIC, SMSF

Director pleads guilty to dishonest conduct

Dishonest conduct

A former director who used SMSFs in relation to the misappropriation of over $500,000 of client funds has pleaded guilty to dishonest conduct.

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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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