News

Financial Planning

Experience pathway must have end date

advisers experience pathway

An experience pathway for existing financial advisers must contain a sunset clause ending in 10 years, with advisers able to swear they have clean records.

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Superannuation

No fix for illegal early access

fix illegal early access

There is no simple fix for illegal early access if an SMSF member has accessed superannuation benefits before meeting a condition of release.

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Contributions, Pensions

Commutations can derail recontributions

commutations recontributions

Incorrectly commuted pensions can create transfer balance cap problems and derail a recontribution strategy.

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Accounting, Financial Planning

Advice shift should include accountants

principles-based advice accountants

A move to principles-based advice should consider the inclusion of accountants as providers of limited advice.

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ATO, NALI/NALE

NALI an ATO conflict of interest

NALI ATO conflict interest

Conflict of interest concerns over the multiple roles of the ATO have again been raised due to the magnitude of the NALI penalties.

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NALI/NALE, Strategy, Tax

In-specie traps within related-party deals

in-specie related party

Related-party acquisitions must be worked through carefully to avoid contribution and tax problems connected to in-specie transfers.

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ATO, Compliance

ATO disqualifies 250 trustees in past year

ATO disqualified trustees

More than 160 SMSF trustees were disqualified in the second half of the last financial year, with more than 250 disqualified across the whole year.

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Pensions

Quarterly TBAR not absolute

Quarterly TBAR

SMSF trustees can lodge their required TBAR more frequently than the soon-to-be mandated quarterly timeframe should it be beneficial to do so.

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Contributions

Partial property sales eligible for downsizer

Partial sales downsizer

Partial property sales can be used to make a downsizer contribution, but carving up land for the same purposes will not create eligible contributions.

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Auditing

Next SAN misuse mail-out in October

SAN misuse mail-out

The ATO will continue its work on clamping down on SMSF auditor number misuse with its next mail-out to auditors starting next month.

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