News

Compliance, NALI/NALE, Property

Use separate deals to avoid in-specie NALI

In-specie transfer Property NALI Non-arm's-length income SMSF Self-managed superannuation

SMSF trustees can steer clear of NALI with a simple adjustment when acquiring property via a part purchase and in-specie transfer transaction.

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Appointments

New marketing director for Salter Brothers

Salter Brothers Caterina Nesci

An Australian wealth management firm has appointed a former La Trobe Financial senior executive to lead its marketing team.

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Legislation, Tax

Senate urged to reject Div 296 bill

Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023 Senate Division 296 tax SMSF Association Unrealised capital gains

Independent senators have been called on to reject the proposed Division 296 tax bill, with the SMSF Association reiterating concerns over the taxation of unrealised gains.

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Pensions

Consider legacy pension exits now

SMSF self-managed superannuation legacy pension market linked pension reserve allocations DBA Lawyers Bryce Figot

Legacy pension holders can take action now to exit them under proposed future changes, but should be aware of any linked arrangements that could be jeopardised.

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Estate Planning

Estate planning gap needs filling

Estate planning View Legal Matthew Burgess SMSF Specialist advice

An opportunity exists for accountants and advisers to fill a role currently missing in the process of formulating and executing an estate plan.

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ETFs, Investments

Global X adds defence ETF

Global X ETF Defence Billy Leung

Investors can now enhance their portfolios with focused exposure to the global defence industry through the release of a new ETF from Global X.

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Tax

Division 296 bill passes lower house

The Division 296 bill will progress to the Senate after the government voted down amendments in the lower house.

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Investments, SMSF

Foreign property not ideal for SMSFs

Overseas property Investment SMSF Self-managed superannuation fund Audit Charge over property Risk

SMSF trustees looking to invest in overseas property may face external risks that are hard to manage and foreign laws that may conflict with Australian regulations.

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Technology

Class enhances direct information access

SMSF Self-managed superannuation Class Administration software Tim Steele share registries

Class has improved its software through the inclusion of direct information feeds from share registries and an additional financial institution.

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Compliance, Regulation, Tax

Tax agent code changes finalised

Code of professional conduct for tax agents Tax Agent Services (Code of Professional Conduct) Amendment (Measures No 2) Determination 2024

The proposed changes to the code of professional conduct for tax agents will be tabled in parliament after the government and industry agreed to a final round of changes.

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