News

ATO, Pensions

Minimum payment discretion caution

SMSFs may cause revised pension payment rules to be applied to past failures to make minimum payments by seeking ATO discretion on those errors.

SMSFs may cause revised pension payment rules to be applied to past failures to make minimum payments by seeking ATO discretion on those errors.

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Contributions, SMSF

Threshold, cap change will pick up pace

The larger the transfer balance cap and contribution caps become, the more likely they are to change, creating opportunities to revisit them.

The larger the transfer balance cap and contribution caps become, the more likely they are to change, creating opportunities to revisit them.

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Pensions

Consider failed pension pro-rata payment

There is a possibility trustees will be required to pay a pro-rata minimum on a failed pension before it can be commuted properly.

There is a possibility trustees will be required to pay a pro-rata minimum on a failed pension before it can be commuted properly.

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Retirement

Retirement costs continue to rise

The amount needed to fund a comfortable retirement rose by nearly 2 per cent over the June quarter, with retirees spending more on digital connectivity.

The amount needed to fund a comfortable retirement rose by nearly 2 per cent over the June quarter, with retirees spending more on digital connectivity.

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ATO, Auditing, Compliance, Cryptocurrency, Investments

Crypto valuation reference changed

There has been a change in the way the ATO approaches how cryptocurrencies held inside an SMSF can be valued at the end of the financial year.

There has been a change in the way the ATO approaches how cryptocurrencies held inside an SMSF can be valued at the end of the financial year.

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Auditing

Rank audit evidence by source

The quality of audit evidence will vary depending on its source and SMSF auditors are obligated to rank that information when using it.

The quality of audit evidence will vary depending on its source and SMSF auditors are obligated to rank that information when using it.

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Auditing, Investments

Wrap report may be unreliable

SMSF auditors should closely examine an audit report issued by a wrap account as it unlikely to be sufficient evidence on its own.

SMSF auditors should closely examine an audit report issued by a wrap account as it is unlikely to be sufficient evidence on its own.

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ETFs, Investments

Ausbil launches initial active ETF

Ausbil has announced the launch of its first active ETF, making its Active Dividend Income Fund available on the ASX.

Ausbil has announced the launch of its first active ETF, making its Active Dividend Income Fund available on the ASX.

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Division 296, Superannuation, Tax

Balance-levelling proposal undermines Div 296

A bill has been tabled in parliament to allow couples to enact rollovers to each other to level up their super balances, with one specialist noting it could sidestep Division 296 for some couples.

A bill has been tabled in parliament to allow couples to enact rollovers to each other to level up their super balances, with one specialist noting it could sidestep Division 296 for some couples.

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Division 296, Superannuation, Tax

Tax concession premise misconceived

The validity of a government assumption with regard to taxable income in the justification of the proposed Division 296 tax has been questioned.

The validity of a government assumption with regard to taxable income in the justification of the proposed Division 296 tax has been questioned.

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