News : Superannuation

ATO, Superannuation

NALE may be proving ground for legal challenges

SMSF trustees need to take into account certain legislative and regulatory changes that will come into effect from 1 July 2021.

The recent focus on non-arm’s-length expenditure (NALE) by regulators may be a move to prevent any legal challenges in that area if the matter is brought to court.

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Pensions, Superannuation

Resolutions or agreements on death not binding

Pension resolutions agreements

A specialist lawyer has warned instructions as to the treatment of an existing pension upon a member’s death may not be legally binding if made via a resolution or a contractual agreement.

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Superannuation

Action needed on Division 7A loans

Division 7A loans SMSFs

Despite changes to Division 7A loans not starting until mid-2020, SMSFs should aim to pay them off rather than be saddled with a more restrictive regime.

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Pensions, Superannuation, Tax

Trustees still not clear on TBCs

Trustees still not clear on transfer balance caps

The tax implications of TBCs are still not understood by many trustees, an SMSF expert says.

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ATO, Superannuation

TBAR should be lodged when pension rolled over

TBAR pension rollover

Advisers assisting clients with a pension rollover to an APRA fund should make a TBAR at same time to avoid an ATO breach notice.

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ATO, Superannuation

Non-lodgement on the increase

SMSFs lodge annual return

The most recent ATO data has shown a jump in the number of newly registered SMSFs that have not logged the fund’s initial annual return.

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Pensions, Superannuation

Transfer balance transactions trap for unwary

transfer balance transactions

Trustees should be aware that not all transactions aimed at reducing a transfer balance will actually do so and can leave a fund open to excess taxes.

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Superannuation

Super architect calls for hands-off approach

superannuation system confidence

A key player in the creation of the superannuation system has said it must be left alone to restore confidence and allow people to make long-term retirement decisions.

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ATO, Superannuation

ATO statistics endorsement of SMSF compliance

ATO SMSF compliance

The SMSF sector has recorded low rates of non-compliance and its performance has been endorsed by the ATO, an SMSF specialist has claimed.

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Superannuation, Tax

Don’t ignore death tax until death bed

SMSF death tax

SMSF advisers need to discuss the reality of death taxes when setting up a fund to avoid difficult conversations at time of a member’s death.

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