News

Pensions

Pension payment conditions outlined

minimum pension payment standards

The ATO has listed five conditions that will allows trustees to continue receiving an income stream despite failing minimum pension standards.

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Pensions

Larger role for good faith principle

SMSF death benefits

Determining whether SMSF trustees have acted in good faith when determining how death benefits are distributed is likely to become more common.

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Auditing

Auditors following independence standards

SMSF auditors independence

SMSF returns are showing auditors have complied with independence standards and are moving away from prohibited behaviour.

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Superannuation

Corporate trustee shares can’t be ignored

shareholding corporate SMSF

The shareholding of the company acting as the corporate trustee for an SMSF is a crucial component in running a fund, but is often ignored.

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Financial Planning

Firms offering SMSF advice merge

SMSF advice firms merge

Two firms offering SMSF and estate planning advice will merge to provide clients and advisers with greater scale and resources.

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ATO, Property

Valuation guidance confusing

ATO SMSF valuation guidance

The ATO’s guidance on SMSF property valuations is giving auditors no comfort from either a practical or compliance perspective.

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Contributions

Dual funds key part of recontribution strategy

SMSF recontribution strategy

SMSF looking to cash out and recontribute funds to reduce the taxable component of their balance should use a second SMSF to park their tax-free savings.

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Trusts

Injected capital will trap testamentary trusts

testamentary trust capital

SMSFs are neglecting to keep income sources separate when using a testamentary trust and may lose associated tax concessions.

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Contributions

Downsizer transcends contributions

downsizer SMSF contributions

The ability to put more money into a super fund is not the only advantage SMSF members can enjoy from using the downsizer contribution provisions.

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Contributions

Rule changes a nirvana for members

superannuation contributions changes

A range of contribution rule changes has created an ideal situation for super fund members, but the correct implementation order needs to be followed to maximise the benefits.

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