News : SMSF

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

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

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.

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.

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

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,

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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financial advice, Investments, SMSF, Superannuation

Div 296 tax will impact economy

Division 296 tax, Prime Minister, Anthony Albanese, Wilson Asset Management, WAM, investment, Geoff Wilson,

More unintended consequences have been identified should the proposed Division 296 tax policy become part of the superannuation system.

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ATO, SMSF, Tax

Check entitlement with CSLR payments

SMSFs receiving a payment from the CSLR must first check whether the fund or members can receive it before deciding how to process it for tax purposes.

SMSFs receiving a payment from the CSLR must first check whether the fund or members can receive it before deciding how to process it for tax purposes.

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BDBNs, SMSF, Superannuation

Cut given provision for BDBNs

binding death benefit nomination, BDBN, Bryce Figot, DBA Lawyers,

The provision of giving a BDBN to a trustee should be scrapped from SMSF trust deeds, with one legal expert recommending drafting a new one to avoid disputes this action may create.

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ATO, SMSF, Superannuation

Merchant Part IVA appeal dismissed

The founder of Billabong has been unsuccessful in overturning a ruling he breached the Part IVA rules in regards to share acquisitions carried out by his SMSF.

The founder of Billabong has been unsuccessful in overturning a ruling he breached the Part IVA rules in regards to share acquisitions carried out by his SMSF.

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