News : SMSF

ATO, Compliance, Documentation, SMSF

Practitioners judged more harshly

ATO Tax agent Documentation Evidence SMSF

SMSF practitioners should maintain the highest documentation standards for their own funds due to the degree of scrutiny the ATO applies to them.

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Pensions, SMSF, SMSFA

Legacy pension amnesty missing

Legacy pensions SMSF Association Amnesty

The absence of an announcement declaring the government’s commitment to a legacy pension amnesty has disappointed the sector’s peak body.

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Compliance, Investments, Property, SMSF

Property development loans add risk

Property development NALI Loans Guarantees SMSFRB 2020/1

SMSF trustees who provide a guarantee for a property development project loan may expose the fund to non-arm’s length income penalties.

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ATO, Compliance, Documentation, SMSF

Record keeping reminder issued

SMSF trustees Record keeping Annual returns

SMSF trustees need to be aware of the annual return lodgement date and check how current fund records and the information provided to the ATO are.

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SMSF, Superannuation, Tax

Div 296 tax draft bills approved

Division 296 SELC Senate Economics Legislation Committee Better Targeted superannuation Concessions

A Senate committee reviewing the draft Division 296 tax bill has recommended it be passed without any suggested amendments.

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SMSF, SMSFA, Superannuation, Tax

Stance on Div 296 tax disappointing

SMSF Association SMSFA Peter Burgess Senate Economics Legislation Committee Division 296 Better Targeted superannuation Concessions

The SMSF Association has labelled a Senate committee’s support for the proposed Division 296 tax as it stands disappointing.

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ATO, SMSF

Law vague re SMSF unit trust role

SMSF Unit trusts NALE NALI LCR 2021/2 SIS Act

Guidance regarding whether SMSF trustees can provide services to a related unit trust without breaching the non-arm’s length income rules is unclear and ambiguous.

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Administration, ATO, SMSF

New trust reporting regime prompt issued

ATO SMSF Trust distribution Trust benefits Annual return

SMSF trustee have been reminded of the new reporting requirements taking effect in the 2024/25 financial year for trust income.

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Administration, SMSF, Tax

$3m cap adds to divorce complexity

Divorce Division 296 tax SMSF Withdrawals Contributions Earnings calculation

Calculating a final financial position in the event of a divorce may become more difficult when the Division 296 tax is introduced.

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Administration, Contributions, SMSF

Last day of June 2024 significant

superannuation Contributions 30 June minimum pension payment timing rules

Trustees and advisers need to consider the implications of having 30 June 2024 fall on a Sunday with regard to contributions and pension obligations.

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