News

ECPI

Default ECPI calculation possible

ECPI method SMSF exempt current pension income Tim Miller Smarter SMSF

A default option will apply if trustees don’t make a deliberate choice as to how an SMSF’s ECPI is calculated in certain situations.

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Retirement, Superannuation

Gain or reward key to proof of work

condition of release retirement superannuation gainful employment SMSF Institute of Financial Professionals Australia IFPA Natasha Panagis

To meet a condition of release using the definition of retirement, the relevant employment situation must have an associated gain or reward.

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ATO, Compliance, Regulation

Sole purpose tough with some transactions

SMSF Self-managed superannuation Sole purpose test Related party Property development ATO Cooper Partners Financial Services Jemma Sanderson

SMSFs may be better off avoiding complex related-party transactions if the effort to enact them exceeds the work required to comply with the sole purpose test.

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ETFs, Investments

Betashares adds two ETFs

Betashares Alex Vyonkur ETF Exchange traded fund Nasdaq 100 GNDQ Global Defence ETF ARMR

Betashares has bolstered its ETF line-up with the launch of two new funds, one based off its Nasdaq focused offering and the other tapping into global defence spending.

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Pensions

Allow deceased legacy pension exits

Legacy pensions reserves SMSF Self-managed superannuation SMSF Association Legacy pensions reserves SMSF Self-managed superannuation SMSF Association

The SMSF Association has stated proposals to allow an exit from legacy pensions can be improved by including deceased members and retaining asset test exemptions.

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Administration, Pensions, Tax

Missed pension payments risk ECPI loss

Minimum pension ECPI Exempt current pension income

Practitioners should remind clients of the importance of meeting minimum pension requirements to ensure they retain the tax benefits of claiming exempt current pension income.

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Regulation, Retirement

Role change is not retirement

Retirement Condition of release Superannuation Industry (Supervision) Regulation 6.01(7)

A change of employment conditions of a super fund member aged 60 will not satisfy a retirement condition of release in most cases.

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ETFs, Investments

ETF allocations predicted to climb

ETF Exchange-traded fund VanEck VanEck Australian Investor Survey 2024

The use of ETFs to access overseas investments will continue to climb, with larger numbers of SMSFs claiming they would occupy a larger place in their portfolio in the next year.

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ATO, In-house assets, Regulation

Complexity raises sole purpose risk

SMSF Self-managed superannuation Sole purpose test Related party transaction current day benefit Cooper Partners Financial Services Jemma Sanderson

SMSF trustees and practitioners should look beyond obvious issues regarding the sole purpose test when dealing with related parties as greater complexity raises the likelihood of breaching it.

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SMSF, Technology

Specialists favouring technology

SMSF specialists Technology

SMSF specialists have differentiated their practice activities in three key areas over the past year with respect to servicing their clients.

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