News

LRBA, Trusts

Unit trust LRBAs lose safe harbour protection

unit trust LRBA

Safe harbour provisions applied to real property LRBAs are not mirrored if the arrangement is set up within a unit trust.

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ASIC, Financial Planning

ASIC funding model review starts

ASIC funding model review

Five years after its implementation, Treasury will lead a review into the industry funding model used to pay for the work of ASIC.

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Contributions, Tax

ATO won’t speculate for Part IVA

SMSF Part IVA

The ATO has stated it will not try to forecast SMSF scenarios into the future to determine if it will apply Part IVA of the Income Tax Assessment Act.

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Contributions

Govt moves to further reduce downsizer age

downsizer age reduction

Legislation to further reduce the eligibility age to make downsizer contributions has been introduced into parliament only weeks after a similar change commenced.

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NALI/NALE

Trustee actions in unit trusts may be NALE

SMSF unit trust NALE

SMSF trustees provided services in a unit trust may be breaching NALE provisions and should consider using third parties to act for them.

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Accounting

LightYear Docs expands service offering

LightYear human resources

LightYear Group has expanded with the inclusion of We Love Group, which has already provided a suite of human resources documents for clients.

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NALI/NALE

ATO contributions review ominous

contributions NALE

A proposed amendment to the contribution rules with regard to non-arm’s-length expenditure will have a significant negative impact on SMSFs.

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ECPI

Rule of thumb useful in choosing ECPI method

ECPI method

SMSF actuaries are unlikely to recommend a preferred method for calculating exempt current pension income so practitioners should use a rule of thumb to make that call.

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Tax

TPB opens consultation on tax agent registration

TPB tax agent registration

The Tax Practitioners Board is seeking input on new guidance as to who must be registered with it as a tax agent.

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ETFs

ETF provides metaverse gateway

betashares etf metaverse

BetaShares has launched an ETF on the ASX giving investors access to the rapidly developing metaverse economy.

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