News

ATO, Contributions, SMSF, Superannuation

ATO error denying deductions

Personal superannuation contributions deductions

Some SMSF members are incorrectly being denied the ability to claim a tax deduction for personal contributions due to an ATO procedural error.

read more
SMSFA, Superannuation, Tax

$3m super tax law expected by mid-2024

Superannuation earnings tax

The government is likely to release draft legislation for the proposed $3 million superannuation earnings tax by early September, with the bill expected to pass through parliament in mid-2024.

read more
Property, Superannuation

Fund members access $400m for first homes

FHSSS first home super saver

Superannuation fund members have accessed more than $400 million to purchase a home since the start of the First Home Super Saver scheme in 2018.

read more
ETFs, Investments, Platforms

CommSec unveils international shares platform

International trading platform

Commonwealth Bank of Australia has launched an international share trading platform offering investors access to 13 additional international equities markets.

read more
Insurance

SMSF insurance costs deductible

SMSF insurance premiums deductibility

Proportionately taxed income of an SMSF has no effect on the deductibility of insurance premiums for risk cover held inside the fund.

read more
Compliance, financial advice, Regulation

Ethical advice goes beyond compliance

SMSF advice ethics

When providing advice to SMSF clients, advisers should consider external factors as adhering to the Corporations Act may not guarantee ethical conduct.

read more
Technology

AI will be a friend, not a foe

AI technology should be viewed with an open mind within the SMSF industry as it has been a part of normal business processes for some time.

read more
financial advice, SMSFA

SMSF sector built by advisers

SMSF sector specialist advisers

Specialist SMSF advisers have played a key role in building the SMSF sector and its representative body into a recognisable presence in the superannuation landscape.

read more
NALI/NALE

NALE materiality a compromise

NALE materiality SMSF

The ability for SMSF auditors to decide if a NALE issue is worth flagging with the ATO may be a compromise position on the issue for the sector.

read more
Contributions, Superannuation

Keep contributing despite super tax

superannuation contributions earnings tax

Trustees should continue to contribute to their superannuation accounts as not doing so would not be a prudent strategy to adjust to the proposed super earnings tax.

read more

Copyright © SMS Magazine 2024

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.