News

Documentation

Splitting documentation order key

SMSF splitting

Super splitting notices must be given in a specific order for trustees to avoid compliance breaches, despite not all regulations being applicable to SMSFs.

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Accounting, Investments

Give accountants freedom to talk investments

Accountants investment advice

Qualified accountants should be free to talk more generally about the investment needs of SMSFs.

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ATO

Reminder COVID relief has expired

ATO COVID-19 relief

The ATO has issued a reminder to SMSF trustees and auditors for both groups to recognise the COVID-19 compliance relief measures no longer apply.

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Investments

Valuations a clue for apt assets

SMSF asset valuation

The degree of difficulty associated with obtaining a proper valuation for an investment can indicate whether the asset is suitable for an SMSF.

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ATO, Contributions

Unused caps splittable, but restricted

concessional contributions split

SMSF members can split a carry-forward concessional contribution, but the ATO will determine the year with which the unused cap is associated.

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ATO

ATO clarifies trustee disqualifications

ATO SMSF trustee disqualification

The circumstances influencing when the ATO looks to disqualify an SMSF trustee have been detailed in a new piece of guidance.

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Contributions

Win for small business owners

superannuation contribution

Changes to the superannuation contribution rules introduced on 1 July will advantage individuals looking to sell their small businesses.

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Pensions

Pension splitting a no go within SMSFs

pension payment splitting

Trustees looking to split a pension payment will find superannuation laws have blocked that path, but commutation planning could resolve the issue.

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Contributions

Changes boost recontribution strategy appeal

recontribution strategy SMSF

The usefulness of a withdrawal and recontribution strategy has increased due to the combination of a number of superannuation changes.

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Documentation, Estate Planning

Special powers reduce attorney risks

power attorney SMSF

A special power of attorney has the ability to reduce risks and conflicts that can arise from the use of an enduring power of attorney.

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