News

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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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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