News

Accounting, financial advice

Accountants still primary advice source

accountants SMSF advice

Accountants continues to be the first consultant SMSF trustees approach over any type of unmet advice needs with regard to running their fund.

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LRBA

Low-risk LRBA report welcome

LRBA report

The SMSF Association has welcomed news that LRBAs pose little risk to the superannuation system, pointing to reforms that have reduced risk.

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Retirement, Superannuation

Inflation increases dampened by super

superannuation retirees inflation

The strength of the Australian superannuation system has put retirees in a better position than global peers in dealing with the rising cost of living due to inflation.

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Documentation

Ex-directors dropped from ID requirements

Former directors ID

Former directors will no longer be required to obtain a director identification number under draft changes released by the ATO.

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Pensions

ECPI method used a trustee choice

ECPI calculation method

SMSF trustees are the individuals who must make the final decision as to which exempt current pension income calculation a fund will use.

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ASIC

Former van Eyk chief sentenced

van Eyk chief executive sentenced

The former head of van Eyk Research has been sentenced to imprisonment and community service for breaching his duties as a director.

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Regulation

Behind the budget – the unwritten stuff

SMSFs residency requirements

The sector will await the next budget to see if the abolition of the active member test is part of moves to relax SMSF residency requirements.

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Auditing

Audit registration fee parity wanted

SMSF auditors registration fees

The SMSF Association has used a submission to government to recommend audit registration fees be standard for all practitioners.

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In-house assets

SMSF loans go beyond in-house assets

SMSF loan in-house asset

When SMSF trustees are looking for their fund to make a loan to their business, advisers must look beyond the in-house asset rules for compliance purposes.

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Death benefits

Tax-free benefits need relationship shift

tax-free benefits

Benefit payments requested before death but paid afterward can be tax-free only if an SMSF member has altered their relationship with their fund.

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