News

Documentation, Superannuation

Refund of early withdrawal possible

self managed super, self managed superannuation, SMSF, withdrawal, condition of release, Accurium, Mark Ellem, refund, SMSF Professionals Day 2025, rectification, error

An accidental withdrawal from an SMSF bank account can be redeposited without consequence as long evidence can prove the transaction was an error.

read more
Death benefits, Division 296, Superannuation, Tax

Div 296 sparking death benefit discussions

self managed super, self managed superannuation, SMSF, death benefit tax, Division 296, Heffron, Meg Heffron, assets outside superannuation, tax

The Division 296 impost has prompted SMSF members looking at retaining assets in super to consider the tax impact of their death on their beneficiaries.

read more
Contributions, Superannuation, Tax

Deduction claims based on fund receipt

self managed super, self managed superannuation, SMSF, superannuation, contribution, tax deductible, Institute of Financial Professional Australia, Natasha Panagis, ATO, private binding ruling, personal deductible contribution, notice of intent

Tax deductions for a super contribution are based on when a fund receives the money, with the ATO confirming late arrivals will not be considered.

read more
Education, financial advice

Intensive study offered for lagging advisers

Kaplan Professional, financial adviser, education requirements, experience pathway, Brian Knight, deadline

A financial services education provider has created an intensive study program for financial advisers to help them meet the 31 December 2025 deadline.

read more
Pensions

Legacy pension wind-ups hold legal risk

SMSF, self managed superannuation fund, self managed super, legacy pensions, amnesty, Accurium, Mark Ellem, financial product, licence, financial advice, commuting

There are many legal restraints applicable to practitioners looking to assist their clients in commuting existing legacy pensions.

read more
Auditing, LRBA

Auditors must still check LRBA offsets

ADI, ASF Audits, ATO, Auditors, Authorised Deposit-taking Institution, limited recourse borrowing arrangement, LRBA, management letter, non-ADI, offset accounts, self-managed super, Self-managed superannuation fund, Shelley Banton, SMSF

Recent ATO comments on LRBAs with offset accounts have changed little for auditors, who must check them as part of their reports.

read more
Auditing, Valuations

Zero valuations unacceptable

ATO, Auditor contravention report, Bryce Figot, DBA lawyers, Division 296, negative net assets, self-managed super, Self-managed superannuation fund, SMSF, The Auditors Institute, unlisted shares, zero valuations

SMSFs that value assets at zero are unlikely to find that view accepted by the ATO and should seek better evidence as to their actual worth.

read more
Contributions

Contribution splits apply to carry-forward cap

SMSF, self managed superannuation fund, self managed super, carry-forward unused concessional contributions, contribution splitting, Colonial First State, concessional contributions cap, Linda Bruce, Craig Day

Advisers using contribution splitting strategies should be clear as to which cap the legislation refers and can apply it prospectively if they wish.

read more
Pensions

Amnesty also better for flexi-pensions

SMSF, self managed superannuation fund, self managed super, amnesty, legacy pensions, commutable lifetime non-complying income streams, Smarter SMSF, Tim Miller, flexi-pensions, commutation rules, reserve allocation rules

Expedient and complete flexi-pension commutations are possible for SMSF members under the new five-year amnesty measure.

read more
LRBA

Safe harbour changes require action

SMSF, self managed superannuation fund, self managed super, related-party, limited recourse borrowing arrangement, LRBA, documentation, safe harbour rates, Accurium, Mark Ellem, NALI, ITAA 1997, ATO, PCG 2016/5, loan, interest rate, repayment

A change in the safe harbour rate for related-party LRBAs will require prompt action after the start of the new financial year.

read more

Copyright © SMS Magazine 2025

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.