News

Tax

SMSFs must pay GST for enterprise activity

SMSFS GST

SMSFs that engage in taxable enterprises will have to pay GST even if they are not registered for it and have made arrangements to move assets into the fund.

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Technology

FPA releases SOA video toolkit

FPA SOA video

The FPA has released a new toolkit for creating a video statement of advice as preparing paper documents can be too time consuming.

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Appointments

OpenInvest hire to drive advice partnerships

OpenInvest senior consultant

OpenInvest has appointed a senior consultant to drive the uptake of its digital investing solution for wealth management firms.

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Investments, Strategy

Investment strategy causing angst

SMSF investment strategy

SMSF practitioners remain frustrated at the lack of definitive instruction and poor trustee attitudes in relation to fund investment strategies.

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LRBA

Rate rise requires repayment review

LRBA repayments

SMSF trustees with LRBAs should be reviewing their repayments and investment strategy as borrowing rates increase from 1 July.

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Property

Lump sums confirmed for HEAS

lump sum home equity

Changes to the Home Equity Access Scheme will increase its appeal to retirees and provide more flexibility in using capital tied up in residential property.

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ATO

TBC debit calculation updated for MLPs

transfer balance debit pension

An update has been issued by the ATO stating how transfer balance cap debits will be calculated when a non-commutable market-linked pension ceases.

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ATO

ATO streamlines TBAR

ATO SMSFs TBAR

The ATO will streamline the transfer balance account reporting period from 1 July 2023 and reduce the timeframe for SMSFs.

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BDBNs

BDBN dominance confirmed by Hill v Zuda

BDBN Hill Zuda

The status of BDBNs being more suitable to direct benefits compared to pension documents has been confirmed by the result of a recent High Court case.

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Superannuation

Threshold change has SMSF slant

superannuation guarantee threshold SMSF

SMSF trustees may need to reconsider whether to include children in their super fund in light of the impending abolition of the $450 threshold.

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