News

Administration, ATO, Compliance, Regulation

Clarity needed on illegal access discretion

Illegal early access superannuation ATO discretion tax ruling

Uncertainty over a key tax ruling has raised concerns regarding how the ATO and the tax commissioner might handle cases of illegal fund access by an SMSF.

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ATO, Superannuation

No compassionate release shortcut

SMSF accessing superannuation compassionate grounds ATO guidance

New guidance on accessing superannuation on compassionate grounds has been released by the ATO, which has noted SMSFs must still follow a specific process for early release.

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Legislation, Superannuation

Super objective bill enters parliament

objective of superannuation bill Superannuation (Objective) Bill 2023

The bill to enshrine the objective of superannuation has entered parliament, with the central wording unchanged since first proposed earlier this year.

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Legislation, SMSF, Superannuation

Govt has taken sides in super wars

NALE $3 million superannuation earnings tax Angus Taylor

The government’s legislative agenda has reignited the superannuation wars and clearly shows it has sided against the SMSF sector.

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Commercial Property, Compliance, NALI/NALE, Property

Lease pre-payment a NALI risk

NALI Lease pre-payment Business real property Related-party tenant

SMSFs accepting advance payments from a related-party tenant for leasing business real property have been warned such an arrangement may expose the fund to NALI.

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financial advice, Legislation

QAR bill needs rapid action

QAR Quality of Advice Review recommendations legislation

The bill to implement Quality of Advice Review recommendations needs to progress rapidly through parliament if the changes are to be of any benefit to the advice sector.

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Auditing, NALI/NALE

Dig deep for NALI compliance

SMSF auditors NALI NALE compliance

The activities of all participants in an SMSF property development scheme should undergo scrutiny for compliance with NALI/E provisions, rather than just the SMSF itself.

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Compliance, Regulation

Related-party collectable rules strict

SIS Regulations SMSF related party personal use assets collectables

The Superannuation Industry (Supervision) Regulations impose many restrictions on related-party transactions involving personal-use assets of an SMSF.

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Contributions, Legislation, Superannuation

Use payday super to fix SG payments

Superannuation guarantee charge Payday super

The introduction of payday super would be an opportune time to address and repair problems with the current superannuation guarantee payment system.

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financial advice, Legislation, Regulation

Draft bill to enact QAR changes released

Quality of Advice Review recommendations Draft legislation

A long-awaited bill to enshrine some of the recommendations of the Quality of Advice Review has been released by Treasury.

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