News : Strategy

ATO, Property, Strategy

Downsizer contribution conditions clarified

downsizer contribution funds

Downsizer contributions will not be restricted only to funds secured from a property sale, with the ATO confirming its focus is on the amount and eligibility of the contribution.

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Strategy

Performance will determine spousal splitting method

SMSF performance spousal splitting

Fund performance plays a significant role in determining how splitting orders will be executed when spousal members of an SMSF separate.

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Strategy

Deathbed payments create advice opportunity

Deathbed payments

SMSF practitioners should be looking at how they can assist clients with deathbed payments as many struggle with the complex issues involved.

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Investments, Strategy

Investment strategy has no restrictions

Investment strategy restrictions

Trustees are free to add any asset they wish to their investment strategy as that document has no restrictions on it, but they should still factor in external controls.

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Estate Planning, Strategy

Exempt trust income treatment still unclear

excepted trust income

The treatment of assets passed from a super fund to a testamentary trust remains unclear after changes made in last year’s budget.

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Strategy, Superannuation

Peak TBA level fixes indexation

Peak TBA indexation

The highest recorded transfer balance account amount determines how much of the transfer balance cap indexation an individual is entitled to use.

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Strategy, Tax

Asset segregation timing key

segregated asset SMSF

Attributing capital losses to SMSFs for tax purposes in a segregated asset environment has both pros and cons, a technical expert has said.

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Strategy, Superannuation

Contributions cap breach not catastrophic

Contributions cap breach

A breach of the contributions caps is not a complete disaster as it does not even constitute contravening the superannuation legislation.

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Strategy

Review asset value to cut TSB

asset value TSB

SMSF members who have exceeded their TSB may be able to get under the threshold by revaluing real estate assets within the fund.

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Strategy

Indexation offers tax deduction increase

Indexation tax deduction

The rise in concessional and non-concessional contribution caps as a result of indexation on 1 July could allow for an increase in tax deductions for members.

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