News : SMSF

Compliance, SMSF, SMSFA

Sector must halt trustee disqualifications

SMSF Association Trustee disqualifications ATO

The SMSF Association has called on the sector as a whole to address the growing number of disqualified trustees to avoid more adverse regulations.

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LRBA, SMSF

Specialist lender to offer SMSF loans

RedZed SMSF loans LRBA limited recourse borrowing arrangement

A small business and self-employed-focused lender has announced it will offer SMSF loans for the purchase of residential and commercial properties.

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Administration, ATO, SMSF, Tax

More admin pain from $3m soft cap

SMSF SMSF annual return Total superannuation balance Defined benefit pension $3 million earnings tax

SMSF trustees and practitioners are likely to face a greater administrative burden and associated costs as a result of the new $3 million soft cap.

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Compliance, NALI/NALE, SMSF

Lack of discount policy a NALE risk

SMSF NALI Discount policy PCG 2020/5 LCR 2021/2

Firms offering discounted SMSF services to their employees may face NALE repercussions at the end of the financial year if specific conditions are not fulfilled.

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Compliance, Legislation, SMSF, Tax

Asset value change a Div 296 risk

Division 296 tax Liability Asset valuations SMSF Refund

The unexpected variation in the value of assets held within SMSFs may expose trustees to a $3 million soft cap tax liability with little relief available to obtain a refund on any losses.

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Retirement, SMSF, SMSFA, Superannuation

SMSF Association opposes RIC inclusion

SMSF Association Investment strategy Retirement Income Covenant

The SMSF Association believes communication at crucial stages of the SMSF journey would be a more practical strategy to realise the aims of the Retirement Income Covenant.

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Administration, Education, SMSF

Admin provider unveils educational videos

SMSF SMSF Alliance David Busoli Administration Educational content Videos

An SMSF administration provider has launched a series of short, animated videos available to all advice providers to help educate trustees and members.

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ATO, Compliance, SMSF

ATO worry over loans to members

ATO SMSF Loans to members illegal early access Paul Delahunty

The ATO is worried about the practice of SMSFs lending money to members as a flag for potential illegal early access of fund assets.

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Regulation, Retirement, SMSF

Logic of SMSFs under RIC questioned

FAAA Financial Advice Association Australia RIC Retirement Income Covenant SMSFs

The government has been questioned as to why it is considering the inclusion of SMSFs under the Retirement Income Covenant, given their high levels of member engagement and access to advice.

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