News

Contributions, SMSF, Tax

Timing key for applicable TBC

Transition to retirement income stream, transfer balance cap. Craig Day, Colonial First State, SMSF Association National Conference 2025, Melbourne, transfer balance cap, 

Practitioners need to be mindful of the TBC applicable to a client who turns 65 in June in the wake of the indexation to take effect in July.

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ECPI

ECPI possible on pension of dead member

An SMSF where all the members have died and pensions reverted to the last person standing may be able to claim ECPI even if no minimum payments were made.

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Crypto Assets, Cryptocurrency, SMSF, Tax

No crypto CGT exemption granted

Board of Taxation, CGT, Sladen, Phil Broderick, Philippa Briglia, SMSF Association,

SMSFs with crypto-assets will not be able to apply a CGT exemption applicable to other assets under a recommendation from a statutory authority.

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financial advice, Legislation

FAAA critical of DBFO proposals

The FAAA has called the next round of proposed DBFO changes disappointing given the time the government has had to work on the measures.

The FAAA has called the next round of proposed DBFO changes disappointing given the time the government has had to work on the measures.

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Auditing

ACR instructions amended

ACR, valuations. ATO, Auditor Contravention Reports,

The auditor contravention report instructions have been updated, with the ATO making specific changes to three operational areas.

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financial advice, Financial Planning, Legislation

SOAs to go under further DBFO reform

Delivering Better Financial Outcomes, DBFO, Stephen Jones, Treasury, Federal Election, Parliament, Client Advice Record, 

The statement of advice may soon be replaced with a client advice record under the next stage of the government’s advice reform package.

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financial advice, Financial Planning, Retirement

Advice can offset retiree stress

Many Australians are concerned about their finances in retirement, but access to advice is available to many of them and they should seek it as soon as possible.

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Contributions

Work test has prior-year relevance

The work test is not just relevant for the financial year in which it applies to an SMSF member wanting to make a personal deductible contribution.

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ECPI

Don’t overlook tax in ECPI timing

SMSF members making a contribution late in the year to maximise exempt current pension income (ECPI) should be advised that an earlier move may be a better option when considering their tax position outside of the fund, an SMSF actuary has highlighted.

Making a contribution late in the year to maximise ECPI may not be the best strategy when an SMSF member takes a tax hit while waiting to contribute those funds.

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