News

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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Property

Private property debt fund launched

CrowdProperty Private real estate debt

CrowdProperty has released a private real estate debt fund that will help with SMSF portfolio diversification.

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NALI/NALE

NALE proactivity urged

NALE rules proactive

Superannuation advisers have been urged to take a more proactive stance on the non-arm’s-length expenditure law to expedite a satisfactory solution.

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Contributions

Contributions changes pique adviser interest

super contribution changes

Advisers are showing a high degree of interest in the changes to the downsizer contributions thresholds and the amendment to the work test rules.

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Pensions

TBC rise may be frozen

Budget pressures may head off any increase to the transfer balance cap with the government imposing a freeze to recoup some tax savings.

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Appointments

SMSFA expands tech services

SMSF Association technical services

The SMSF Association has added new material to its technical content library and another member to it technical services team.

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