News

Auditing, Technology

SuperMate adds ASF Audits integration

SuperMate SuperConcepts ASF Audits integration

SuperMate users will be able to send funds to audit with a new automated process via a new integration with ASF Audits.

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Contributions, Death benefits, Strategy, Tax

Division 296 exemptions narrow

Division 296 tax Personal injury Contributions Death benefit pension Exemption

Superannuation members subject to a specific set of circumstances will not be caught by the proposed tax on total super balances over $3 million.

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ASIC, ATO, Auditing, Compliance

ATO clear on audit compliance expectations

SMSF auditors ATO ASIC QC 45566 Compliance

The ATO is taking a strong approach to compliance by SMSF auditors and has provided clear guidance on what it expects them to do.

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LRBA, SMSF

Specialist lender to offer SMSF loans

RedZed SMSF loans LRBA limited recourse borrowing arrangement

A small business and self-employed-focused lender has announced it will offer SMSF loans for the purchase of residential and commercial properties.

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Administration, ATO, SMSF, Tax

More admin pain from $3m soft cap

SMSF SMSF annual return Total superannuation balance Defined benefit pension $3 million earnings tax

SMSF trustees and practitioners are likely to face a greater administrative burden and associated costs as a result of the new $3 million soft cap.

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Compliance, NALI/NALE, SMSF

Lack of discount policy a NALE risk

SMSF NALI Discount policy PCG 2020/5 LCR 2021/2

Firms offering discounted SMSF services to their employees may face NALE repercussions at the end of the financial year if specific conditions are not fulfilled.

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Retirement, Superannuation

Trust low in govt retirement products

Retirement income products superannuation FSC

Few consumers trust that the government is best suited to decide which retirement products will suit them, with many wanting to retain that choice for themselves.

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ATO, LRBA

LRBA use remains steady

LRBA SMSF limited recourse borrowing arrangement ATO statistical overview residential property

SMSFs continue to use LRBAs at a constant rate, with ATO data showing their spread across funds has been stable for five years.

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Compliance, Legislation, SMSF, Tax

Asset value change a Div 296 risk

Division 296 tax Liability Asset valuations SMSF Refund

The unexpected variation in the value of assets held within SMSFs may expose trustees to a $3 million soft cap tax liability with little relief available to obtain a refund on any losses.

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