News

NALI/NALE, Property

NALI used to identify property issues

SMSF property development NALI ATO Sladen Legal Phil Broderick

A legal expert has identified the ATO is using NALI compliance to target property development in SMSFs while hardening its stance on penalties.

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Death benefits, SMSF, Succession Planning

Smaller SMSFs more practical

SMSF Succession planning Governing rules Enduring power of attorney Membership of a fund

An SMSF containing a small number of people is likely to experience fewer issues when planning for the death or incapacity of a member.

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Retirement, Superannuation

Australians find comfort in super

Superannuation Superannuation system Retirement savings Super Members Council

Most Australians have a high degree of confidence in both the country’s superannuation system and their personal super savings to achieve their financial goals.

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Education, financial advice

FAAA backs adviser exam changes

Financial Advice Association Australia FAAA Sarah Abood Financial adviser exam

The peak industry body for the financial advice profession has strongly supported proposed changes to the financial adviser exam.

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Compliance, Documentation, SMSF

Extended absence okay for control

SMSF central management and control Australian superannuation fund CMC

The central management and control test required for an SMSF can be satisfied even if trustees are located overseas for more than two years.

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ATO, Death benefits

Benefit treatment not clear cut

ATO SMSF Death benefit Member benefit treatment

The tax implications for a superannuation benefit paid after the unexpected death of a member will depend on several factors.

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ETFs

US approves bitcoin ETFs

Securities and Exchange Commission SEC Spot bitcoin ETF Exchange traded fund Global X Betashares

The US financial regulator has approved the use of ETFs that invest directly into bitcoin cryptocurrency, with the decision hailed as a sign of confidence in the asset.

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financial advice

FAAA sets out focus areas for 2024

FAAA Advocacy Financial advice Financial advisers

The Financial Advice Association Australia has highlighted making financial advice more affordable and attracting more advisers to the profession as key focus areas for 2024.

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ATO, Compliance, SMSF

Set-up scrutiny drivers revealed

ATO SMSF Establishment Set-up Compliance Scrutiny

The ATO’s decision to review an application to set up an SMSF is largely driven by the history and circumstances of the individuals involved.

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Property, Regulation

Avoid in-house asset trap

SMSF Property development Non-geared unit trusts Related party In-house asset

SMSF trustees must meet a specific set of conditions to avoid falling into the trap of turning a non-geared unit trust into an in-house asset when investing in property.

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