News : Superannuation

Superannuation

Timing the biggest wind-up issue

SMSF wind-up time

SMSF wind-ups require a significant period of time to be allocated to them to allow for actions such as the disposal of fund assets.

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Investments, Superannuation

SMSFs can be sophisticated investors

SMSF sophisticated investor

Trustees can band together with their SMSF to meet the status of a sophisticated investor, but should ensure any investment still meets their joint obligations.

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Superannuation

Draft co-contribution regulations released

draft co-contributions regulations

New draft co-contribution regulations for low-income earners have been released and include minor changes to previously released regulations that are due to expire.

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ATO, Superannuation

ATO flags bank transaction limits

SuperStream transaction limits

SMSFs should check if they have enough liquid assets and no transaction limits when planning on using SuperStream.

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Superannuation

New SMSFs up, but 600,000 funds still elusive

APRA SMSF growth

APRA figures show the strongest rate of new SMSF growth in half a decade, but the total number of funds still hasn’t broken through the 600,000 mark.

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Superannuation

Wind-ups first need deed review

SMSF wind up deed

Before an SMSF is shut down, trustees should review the fund’s trust deed to ensure there are no restrictions to the process.

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Superannuation

Budget measures will become election promises

SMSF budget measures

The SMSF sector is likely to see budget changes from this year re-announced as election promises rather than as enacted bills in the next year.

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Superannuation, Tax

Cancelling ABN creates SuperStream glitch

SuperStream ABN

The cancellation of an SMSF’s ABN upon closure of the fund is creating problems with the rollover of tax refunds via SuperStream.

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Superannuation

DIN storage, access a concern

DIN SMSF security

The lack of detail regarding the security protocols that will be applied to director identification numbers is causing some angst in the SMSF sector.

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ATO, Superannuation

Mobile app main director ID avenue

SMSF DIN app

SMSF trustees requiring a director identification number will have to apply for one using the myGovID app on their mobile device.

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