News

Compliance, SMSF, Trusts

Trust overpayment can be compliant

Unit trust distribution SMSF

Appropriate accounting treatment of an overpayment of a unit trust distribution to an SMSF can prevent the situation from being a compliance breach.

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ATO, Auditing, Compliance, Property, SMSF

Property scheme scrutiny widens

SMSF property development scheme

The ATO has altered a key definition in its latest taxpayer alert regarding SMSFs and property development schemes.

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Auditing, Crypto Assets, Cryptocurrency

Crypto wallet may cause audit failure

cryptocurrency wallet SMSF audit

SMSF members holding cryptocurrency in offline wallets may find themselves unable to prove either the ownership or existence of the asset to a level that satisfies an auditor.

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Compliance, LRBA, NALI/NALE, SMSF

Dual LRBAs feasible but complex

Related-party commercial LRBA NALI ATO SIS

SMSFs can use commercial and related-party LRBAs to purchase an asset, but may struggle to get past lending criteria and the NALI safe-harbour provisions.

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Contributions, Pensions, Tax

Pensions can stop some deductions

tax deduction pension personal contributions

SMSF members need to complete all of the compliance procedures to claim a deduction for a personal contribution before they start a pension.

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Investments

Investor confidence grows despite rate rises

Investor confidence interest rates

About half of Australian retail investors remain undeterred by successive interest rate rises and will continue to ramp up their investment activities in 2023/24.

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Investments, Technology

Netwealth posts record profit

Netwealth profit annual results

Investment platform Netwealth, which offers SMSF administration and investment services, has posted a record profit ahead of a relaunch of an upgraded core offering.

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ATO, Tax

Check determinations for errors

ATO determinations errors SMSF

SMSF practitioners should check ATO determinations issued to clients are correct as there are no guidelines for recontributing money withdrawn due to an incorrect determination.

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Contributions, Strategy, Superannuation, Tax

2023/24 ideal for concessional contributions

Voluntary superannuation contribution

Trustees contemplating making a voluntary contribution to their superannuation funds should take action within this fiscal year.

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Estate Planning, Trusts

Corporate trustee control crucial in death

SMSF corporate trustee shares

Determining the ownership of shares in an SMSF corporate trustee company when a member dies is critical to effective estate planning.

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