News

LRBA

Bare trust restricts asset treatment

Bare trust, limited recourse borrowing arrangement, LRBA, loan SIS Act, ASF, Shelley Banton, single acquirable asset, SMSF, self-managed super, self-managed superannuation, charge over an asset, related party, PCG 2016/5

Certain restrictive conditions will apply to an asset that is left in a bare trust after an LRBA has been paid off.

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SMSF, Superannuation, Tax

Start-ups to suffer under Div 296

Division 296 tax, Geoff Wilson, Wilson Asset Management, SMSF, self managed super, self managed superannuation, unrealised capital gains, start-up enterprise, start-ups, sequencing risk,

Superannuant reaction to the Division 296 tax introduction will have a profound effect on start-up enterprises in the immediate future.

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ATO, SMSF, Superannuation

Trustee disqualification affirmed

SMSF trustee, disqualification, self managed super, self managed superannuation, Administrative Review Tribunal, ART, ATO, Omibiyi and Commissioner of Taxation, Oladokun Omibiyi, loan to members, SIS Act, contravention

An SMSF trustee who made more than 100 withdrawals from his fund has failed to have his disqualification overturned on appeal.

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Education, financial advice, Financial Planning

Advisers urged to update FAR details

Thousands of advisers are in danger of not being able to practice beyond 2025 as they have failed to update their education details on the FAR.

Thousands of advisers are in danger of not being able to practice beyond 2025 as they have failed to update their education details on the FAR.

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Legislation, Pensions, SMSF, Superannuation

Legacy pension may force Div 296 strategy

Legacy pension, Division 296 tax, SMSF, self managed super, self managed superannuation, lump sum, $3 million, Heffron, Meg Heffron, complying lifetime pension, complying life expectancy pension, flexi pension, commutation, reserve allocation, total super balance, pension commutation

SMSF members with legacy pensions may need to act before 30 June this year to avoid being caught by the Division 296 tax.

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ATO, Education, NALI/NALE

TR 2010/1DC2 delivers double blow

Draft tax ruling TR 2010/1DC2, contribution rules, non-arm’s length expenditure, NALE, Accurium, Anthony Cullen, concessional contribution, GYBW, SMSF, self managed super, self managed superannuation

The latest draft tax ruling 2010/1DC2 has seen the ATO change its approach to the value of an asset has shifted due to a non-commercial arrangement.

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Administration, ATO, SMSF, Superannuation, Trusts

SIS Act main declaration retention guide

ATO, DBA Lawyers, Shaun Backhaus, self managed super, self managed superannuation, SMSF, SIS Act, SMSF trustee declaration, retention, guidance, Auditing and Assurance Standards Board, Guidance Statement 009, ATO QC 63436, declaration form, NAT 71089-06.2021

Official guidance on how long an SMSF trustee declaration should be retained differs from the letter of the law which should be the sole guide on this issue.

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financial advice, Financial Planning, Technology

Advisers leaning into AI use

Australian financial advisers are using AI at higher rates than their international peers and considered it an effective tool for communication and reducing costs.

Australian financial advisers are making more use of AI at than their peers overseas and consider it effective for communication and reducing costs.

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