News : Superannuation

Administration, Superannuation

NALE changes create “bizarre” scenarios for advisers

NALE accountants planners

Financial planners and accountants may find themselves subject to unusual non-arm’s-length expenditure rules (NALE) in managing their own SMSFs.

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Superannuation

SMSF sector nears new milestone

SMSF sector growth

Growth in the SMSF sector in the June quarter has pushed the number of funds to 600,000 with 35 to 44 year olds holding the largest proportion of new funds.

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ATO, Superannuation

ATO grants NALE transition period

ATO NALE transition

SMSF trustees have the opportunity to rectify any service provision arrangements involving themselves and their fund to prevent them from falling foul of the new NALE provisions.

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Superannuation

SMSF Association critical of ASIC message

SMSF Association critical ASIC

The latest Australian Securities and Investment Commission fact sheet on SMSFs has been criticised by the main industry body for portraying the sector in a very poor light.

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ASIC, Superannuation

ASIC specifically flags SMSF downsides

ASIC SMSF downsides

ASIC has claimed an SMSF isn’t an appropriate strategy in certain situations and potential trustees should be aware of the downsides of SMSFs before establishing one.

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Regulation, Superannuation

Trustees given clarity on NALI expenses

trustees SMSF free services

Trustees can provide services free of charge to their own fund but must be aware of which capacity they are acting in when they do so, according to an SMSF legal expert, who claims a new ruling has clarified these conditions.

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Superannuation, Tax

Success of super may mean inheritance taxes

superannuation inheritance taxes

The large sums of money currently in superannuation that are being passed on to succeeding generations is likely to lead to the introduction of inheritance taxes, a boutique advice firm has predicted.

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Residential Property, Superannuation

Bill amendments make downsizer contributions clearer

Downsizer contributions amendments

Anomalies associated with the downsizer contribution rules may be addressed in treasury law amendments that have been the subject of industry consultation.

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Strategy, Superannuation

SMSFs including family members has pitfalls

SMSFs adult family members

The director of a mid-tier accounting firm has recommended serious assessment be performed before including adult family members in an SMSF due to the additional elements of risk associated with this strategy.

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Investments, Superannuation

Trustees need to understand investment structures

SMSF investment structures need closer look

The structure used by an SMSF when investing on a co-operative basis must be clearly understood by trustees in order to ensure their fund complies with ATO regulations, an SMSF expert says.

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