News

Investments, Tax, Trusts

Unpaid entitlements still an issue

unpaid present entitlements

SMSF trustees may face significant compliance issues if present entitlements due to the fund from investments in a unit trust are not paid out.

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Insurance

Deductions hit by premium rollovers

Contributions deductions rollovers

Rolling money from one super fund to pay insurance premiums in another will reduce the the level of tax deductions available for personal contributions.

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Investments

CSLR exclusion ignores recommendations

CSLR MIS exclusion

The exclusion of managed investment schemes (MIS) from a compensation scheme of last resort (CSLR ) ignores Hayne Royal Commission recommendations.

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Compliance, Documentation

Statement of intent can cause issues

SMSF statement of intent

Advisers should be wary that simple SMSF asset purchases can lead to compliance breaches if clients communicate their motivation for the transaction.

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Documentation

SMSFA issues call to action on director IDs

SMSF Association director ID

The SMSF Association has called on its members to remind their clients to apply for a director ID number and has provided guidance on the steps to make that happen.

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SuperStream

Three-day rollovers may hinder family SMSFs

rollover family SMSF

The three-day rollover rule under SuperStream may cause troubles for SMSFs that have admitted their children to boost balances for asset purchases.

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Property

ASIC halts two property funds

ASIC property managed funds

Two property sector managed funds have had interim stop orders applied to them by ASIC for deficiencies found in their target market determinations.

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Compliance, Documentation

Director ID awareness a worry

director ID SMSF

Director ID awareness among individuals who are directors of companies acting as corporate SMSF trustees is a matter of concern for the SMSF Association.

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SuperStream

Clock ticking on SuperStream exemption

SuperStream exemption

The ATO exemption to allow an SMSF to make a rollover outside of SuperStream is likely to be withdrawn soon due to low levels of usage.

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Administration

Nil balance allowable, but risky

Nil balance SMSF

An SMSF can have members will nil-balances but avoiding those is a better compliance option.

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