News

Investments, Strategy

Strategy fear result of compliance focus

SMSF investment strategy compliance

SMSF accountants are afraid to address investment strategies as the process has become too compliance driven rather than focusing on recording trustee plans.

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ATO, Compliance

Trustees urged to fix mistakes, seek help

SMSF contraventions

SMSF trustees have been encouraged to disclose contraventions to the ATO as failure to engage may impact the regulator’s enforcement actions.

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Technology

CFS launches super tracking app

Colonial First State app

A superannuation, pension and investment account mobile tracking app has been launched by Colonial State First for its FirstWrap clients.

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Tax

Alternate deduction a big tax win

tax SMSF deduction

A substantial tax advantage can be enjoyed by SMSF trustees should they decide to use the alternate deduction method for risk insurance premiums.

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Contributions

Order critical for contribution splitting

personal contribution splitting

SMSF members making a personal deductible contribution to split it with another member must order the process correctly or they will fail to do both.

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Superannuation

Salary sacrifice amounts need review

super guarantee salary sacrifice

Unadjusted salary sacrifice amounts could result in breaches of the concessional contribution cap due to the recent increase to the SG.

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ATO, Documentation

ATO trustee declaration critical

SMSF trustee declaration

The importance of the ATO SMSF trustee declaration has been demonstrated by a recent case heard in the Supreme Court of NSW.

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BDBNs

Undisclosed BDBNs still valid

BDBN valid

An SMSF expert has said a binding death benefit nomination does not need to be shared with fund trustees to be considered valid.

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ETFs

New ETFs provide access to US bonds

ETF Securities US bonds

ETF Securities has released two ETFs that will offer exposure to fixed income investments via US government and corporate bonds.

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Superannuation

New trustees show strategic nous

SMSF trustees strategic

Research conducted earlier this year has indicated SMSF trustees who established their funds between 2020 and 2022 are strategic in their approach.

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