News : SMSF

ATO, SMSF, Tax

Deeming rate acceptable for Div 296

SMSF Association Division 296 Peter Burgess Earnings calculation Proxy Deeming rate 90 day bank bill rate

The use of a deeming rate as a proxy for actual taxable earnings when calculating the Division 296 tax is acceptable to the SMSF Association, which stated it was better than the proposed model.

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Estate Planning, SMSF

Capacity doubts now more common

Mental capacity SMSF Self-managed superannuation fund Cooper Grace Ward Scott-Hay Bartlem Estate planning

Practitioners have to address a client’s capacity in all SMSF estate planning actions as the issue is becoming more common in death benefit disputes.

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AAT, ATO, Regulation, SMSF

AAT rejects trustee disqualification appeal

Administrative Appeals Tribunal AAT ATO SMSF Self-managed superannuation fund Disqualification SIS Act Coronica and Commissioner of Taxation [2024] Superannuation Industry (Supervision) (SIS) Act

A banned SMSF trustee has failed to have his disqualification overturned, with the AAT stating the breaches he committed were too numerous and serious to disregard.

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ATO, Compliance, SMSF

Early access treatment key to ATO actions

ATO Illegal early access Peter Bobbin SMSF Association Technical Summit Loans SMSF Self-managed superannuation

The illegal early access of benefits can be treated in a different factual manner to produce a better compliance outcome for the trustees involved.

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Legislation, SMSF, SMSFA, Tax

Unchanged Div 296 bill not certain

SMSF SMSF Association Self-managed superannuation Division 296 tax LRBA Limited recourse borrowing arrangement Peter Burgess Unrealised capital gains SMSF Association Technical Summit

The SMSF Association has predicted there is an even chance the proposed Division 296 tax bill will be amended over concerns relating to its calculation method and unrealised gains.

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financial advice, SMSF

SMSF specialists increase profitability

Investment Trends SMSF specialists profitability Irene Guiamatsia

SMSF specialists have moved away from charging lower upfront fees to clients in favour of showing why their advice is valuable in an effort to increase profitability.

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Legislation, SMSF, Superannuation, Tax

Withdrawals can eliminate $3m cap liability

SMSF Self-managed superannuation SMSF Association Technical Summit Division 296 tax Liability Withdrawals Total superannuation balance

SMSF drawdowns can allow members to maintain a total super balance of $3 million or less and escape a Division 296 tax liability.

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ASIC, Regulation, SMSF

INFO 274 change having no impact

INFO 274 SMSF ASIC Self-managed superannuation Establishment Investment Trends

The significant amendment ASIC made to Information Sheet 274 has had almost no impact on SMSF establishments.

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Estate Planning, SMSF

Early action key in estate planning

Tim Miller Smarter SMSF Self-managed super Estate planning SMSF

Practitioners should start conversations with their SMSF clients early in the fund set-up process to ensure the best outcome in the event a member passes away.

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Auditing, Property, SMSF

Why a written lease agreement is essential

SMSF Auditor Written lease agreement property Self-managed superannuation Related parties ATO Reliance Auditing Services Naz Randeria

A written lease agreement is a vital document for SMSFs holding a direct property, particularly in cases where the tenant is a related party.

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