News

ATO, Compliance

Disclosure must accompany action

SMSF Voluntary disclosure action

SMSFs making a voluntary disclosure regarding a breach should also have evidence of work undertaken to fix the problem and prevent more issues occurring.

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Property

Late-stage property timing mismatch

property sole purpose

Property purchases during the latter part of the life cycle of an SMSF may not meet the sole purpose test.

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Superannuation

SMSFs demonstrate their resilience

SMSFs market

SMSFs have demonstrated how well they have allowed members to manage the investment market turbulence experienced over the past year.

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LRBA

Total LRBA contract needs checking

LRBA contract

SMSFs seeking evidence a related-party LRBA interest rate is on commercial terms should also check the entire borrowing contract falls under the same standard.

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Administration, Technology

Hub24 targets more SMSF growth

Hub24 service SMSF

Hub24 has developed a new end-to-end service for SMSFs aimed at growing the sector and the role the organisation will play in it.

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Education

Association releases new e-learning modules

SMSF Association e-learning modules

A suite of new e-learning modules relevant to the 2023 income year have now been made available by the SMSF Association.

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Retirement, Superannuation

Retirees want pension help from funds

retirees pension support superannuation

Retirees want help in seeking the age pension with nearly three quarters looking to their superannuation fund to provide assistance.

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ATO, Compliance

ATO disclosure can’t confirm breach

ATO disclosure SMSF breach

The ATO’s early engagement and voluntary disclosure service should only be used if a contravention of the superannuation rules has occurred.

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NALI/NALE

NALE a worst-case regulation

NALE property

The application of NALE provisions to property is a worst-case response to people who have been abusing in-specie transfer rules.

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Cryptocurrency

NFT status, value remain unclear

NFT status SMSF

The status of an NFT inside an SMSF is still unclear and issues remain with proving their value from an audit perspective each year.

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