News

ATO, Downsizer, Property

Downsizer timeframe absolute

Downsizer timeframe

The timeframe within which a downsizer contribution has to be made is definitive for all circumstances relating to this type of strategy.

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Administration, Auditing, SMSF

Resolution key for sign-offs

Preparing financial statements

A resolution requiring the approval of all members of an SMSF in preparing financial statements may negate the risk of a dispute and ensure compliance within the fund.

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Documentation, Superannuation

Notice failure will lock contribution status

superannuation contribution notice

A failure to properly lodge contribution notices will result in them being treated as non-concessional, with even the ATO restricted in making changes to their status.

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Compliance, In-house assets, LRBA

Loan key to holding trust asset

LRBA gearing strategy

An LRBA of any magnitude should be used for compliance purposes if an associated holding trust has acquired the asset in question.

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Compliance, NALI/NALE, Property, SMSF

Commercial lease negates NALI

NALI

A rise in the market value of an SMSF property is unlikely to trigger the NALI rules if a commercial lease with the tenant exists.

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Contributions, Tax

Contributions better value before tax cuts

superannuation contributions tax cuts

High-earning SMSF members should consider making voluntary contributions to their fund ahead of the stage three tax cuts, which will reduce their future value.

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ASIC, Crypto Assets, Investments

ASIC declares areas of future focus

ASIC corporate plan

The regulation of crypto-assets and design and distribution obligations for fund managers are areas of compliance focus for ASIC in the coming years.

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Pensions, Retirement, SMSF

Single-asset segregation barred

SMSF single asset segregation

A single asset cannot be treated in a manner that allows it to support some SMSF members in accumulation phase and others with a pension account.

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LRBA, SMSF, Tax

LRBA deductions limited to borrowing

LRBA deductions

An SMSF with an LRBA in place can claim deductions only for costs associated with borrowing activities and not for any expenses related to the loan’s establishment.

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ASIC, ATO, Auditing, Compliance

ATO refers record number of auditors to ASIC

ATO SMSF auditor ASIC

The number of referrals of auditors to ASIC by the ATO has climbed to its highest level in five years due to concerns about independence and evidence gathering.

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