News

Accounting, Documentation

Next phase of electronic documents pending

electronic documents

More changes to allow the use of electronic documents across the SMSF sector are reliant on the government picking up work carried out by Treasury before the election.

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Superannuation

SMSFs and contractual tips and traps

SMSF trustees contract
, &

SMSF trustees need to be careful and aware of a number of contractual factors before they enter into a contract.

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Business News

Climate Active certification for La Trobe

climate active la trobe

Climate Active certification has been awarded to La Trobe Financial’s Australian operations in recognition of its carbon-neutral status.

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Contributions

Work test declaration more important

Work test declaration

An individual’s declaration the work test has been satisfied is now more significant as it must be made to the ATO and not the super fund.

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Contributions

TSB calculation can create NCC space

total super balance NCC

Basing the total super balance off the account balance only may deny some fund members the opportunity to make a non-concessional contribution.

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NALI/NALE

Good NALE outcome is possible

NALE provisions solution

Three key principles put forward by the superannuation industry could produce a positive outcome in dealing with non-arm’s-length expenditure provisions.

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Financial Planning

Financial advice complaints down

financial advice complaints

Consumers filed fewer complaints against organisations offering investment services and financial advice in the 2022 financial year.

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Compliance

In-specie death benefits complex

in-specie death benefits

In-specie death benefit transfers are problematic, but a pragmatic approach to these transactions can provide a compliance solution.

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Documentation

Stock documents proven unsuitable

SMSF bespoke documents

The repeated use of the same trust or binding nomination document is untenable after a recent court case proved the value of a bespoke document.

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ATO, Documentation

Nil balance may indicate non-compliance

SMSF nil balance

The ATO has advised that SMSFs with a nil account balance on 30 June should reflect on the fund’s management as this may be a sign of non-compliance.

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