News

Compliance, SMSF

SAR non-lodgement now more concerning

SMSF annual return Non-lodgement ATO SAR SMSF

SMSFs failing to lodge annual returns is becoming a bigger problem for the sector as a whole and is causing significant angst for the ATO.

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Pensions, Regulation, Strategy

TTR strategy holds up amid changes

Concessional contribution cap Stage three tax cuts Superannuation guarantee Transition-to-retirement pension TTR Colonial First State Tim Sanderson

The merits of implementing a transition-to-retirement income stream have not been dulled by recent changes to certain superannuation parameters.

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ATO, Platforms

Check pension payment exemption usage

SMSF Self-managed superannuation Minimum pension ATO Exemption BDO Peter Crump

In the event of a minimum pension not being met, SMSF practitioners must establish whether a trustee has previously used the self-determination exemption.

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Administration, SMSF, Technology

SMSF management becoming a breeze

SMSF Administration AI Artificial intelligence

The use of artificial intelligence can make SMSF management significantly easier and give trustees peace of mind with regard to compliance.

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Superannuation

TBC increase to $2m highly likely

Transfer balance cap TBC CPI Consumer price index

The most recent consumer price index figures point to the likelihood of the general transfer balance cap increasing to $2 million as at 1 July 2025.

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Administration, Legislation, Pensions

Defining reserves key to pension exit

Reserve Legacy pension Non-concessional contributions cap Concessional contribution cap Commutation

The definition of a reserve is likely to impact the extent to which it can be extinguished under the proposed legacy pension amnesty.

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financial advice, Tax

Treat Div 296 as blank slate with client

SMSF Self-managed superannuation Division 296 tax $3 million Financial advice Deloitte Liz Westover The Tax Institute

SMSF practitioners should tell clients to forget what they know about the Division 296 tax as many are concerned about misconceptions and help them reset their understanding of the measure.

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ATO, Auditing

Platform asset audit guidance issued

Audit report Part A qualification ATO

The ATO has informed trustees that an audit qualification may be unavoidable where evidence to confirm asset ownership held by certain platforms is difficult to obtain.

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Administration, Compliance, NALI/NALE

PCG 2016/5 not absolute for NALI

Safe harbour PCG 2016/5 NALI non-arm's-length income LRBA Limited recourse borrowing arrangement SMSF Self-managed superannuation ATO Paul Delahunty

Not satisfying the LRBA safe harbour rules defined in PCG 2016/5 will not necessarily trigger the non-arm’s-length income provisions.

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ASIC, Auditing, Compliance

SMSF auditors sanctioned over fee source

ASIC SMSF auditors Independence standards ATO Referral

ASIC has suspended the registrations of three SMSF auditors following an investigation that found significant breaches of the independence standards.

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