News : SMSF

Age pension revaluation boost SMSF relevant

May 15, 2025

A reduction in retirement interest values leading to a greater amount of money derived from the age pension is a circumstance applicable to SMSFs.

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Legislation, Pensions, SMSF, Superannuation

Legacy pension may force Div 296 strategy

Legacy pension, Division 296 tax, SMSF, self managed super, self managed superannuation, lump sum, $3 million, Heffron, Meg Heffron, complying lifetime pension, complying life expectancy pension, flexi pension, commutation, reserve allocation, total super balance, pension commutation

May 14, 2025

Jason Spits

SMSF members with legacy pensions may need to act before 30 June this year to avoid being caught by the Division 296 tax.

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Administration, ATO, SMSF, Superannuation, Trusts

SIS Act main declaration retention guide

ATO, DBA Lawyers, Shaun Backhaus, self managed super, self managed superannuation, SMSF, SIS Act, SMSF trustee declaration, retention, guidance, Auditing and Assurance Standards Board, Guidance Statement 009, ATO QC 63436, declaration form, NAT 71089-06.2021

May 14, 2025

Lara Caughey

Official guidance on how long an SMSF trustee declaration should be retained differs from the letter of the law which should be the sole guide on this issue.

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SMSF, Superannuation

CMC safe-harbour needs proactivity

Trustees must be cautious about who will run their fund while they are overseas for an extended period and should act on this before departing.

May 12, 2025

Jason Spits

Trustees must be cautious about who will run their fund while they are overseas for an extended period and should act on this before departing.

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Legislation, SMSF, Superannuation

Fixing CSLR priority number one

CSLR, Financial Advice Association Australia, FAAA, Compensation Scheme of Last Resort, Sarah Abood, sector cap, Dixon Advisory, United Global Capital, CSLR levy, financial advisers, Shield Master Fund, First Guardian

May 8, 2025

Darin Tyson-Chan

Amending the CSLR has been identified as the most important financial advice-related issue the Labor government must address when parliament restarts.

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NALI/NALE, SMSF, Tax

Service discount sway a NALE issue

Accurium, discounted services, employees, general expenses, NALE, Natalie Scott, non-arm's length expenditure, self-managed super, self-managed superannuation, SMSF, SMSF trustees, superannuation

May 7, 2025

Darin Tyson-Chan

Certain situations exist where a service discount granted to an SMSF will initiate the NALE rules even if the reduced price is available for all staff.

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Contributions, Downsizer, SMSF

Marriage length has no downsizer impact

The ability for a spouse to take advantage of the downsizer provisions is not dependent on how long the couple in question have been married.

May 6, 2025

Darin Tyson-Chan

The ability for a spouse to take advantage of the downsizer provisions is not dependent on how long the couple in question have been married.

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SMSF, Tax

Urgent Div 296 action not required

The possibility of the Division 296 tax being passed into law does not mean immediate action should be taken to sidestep it given its impact is more than a year away.

May 6, 2025

Jason Spits

The possibility of the Division 296 tax being passed into law does not mean immediate action should be taken to sidestep it given its impact is more than a year away.

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SMSF, Superannuation

Low-balance in-specie payment possible

self managed superannuation, self managed super, SMSF, in-specie benefit payment, superannuation balance, Heffron, Annie Dawson, benefit cashing, benefit splitting, benefit redirection

May 1, 2025

Jason Spits

An individual in an SMSF can receive an in-specie benefit payment if their balance is less than the value of the asset, but will need the support of another member to do so.

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Retirement, SMSF, Superannuation

TRIS impact on TBC a common trap

TRIS, transfer balance cap, TBC, Accurium, Natalie Scott,

April 30, 2025

Darin Tyson-Chan

Practitioners must take note of situations where clients with a TRIS turn 65 before 30 June as the event will impact the member’s transfer balance cap.

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