News

ATO, SMSFA, Superannuation

Spike in super release for medical costs

Release of superannuation Compassionate grounds Medical treatment ATO Dental Weight-loss

Requests to access superannuation on compassionate grounds rose in 2023/24, with a notable lift in applications for dental and weight-loss treatments.

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Investments

Alternatives can make inflation a plus

alternative assets SMSF portfolio Wilson Asset Management Dania Zinurova infrastructure

The inclusion of alternative assets in an SMSF investment portfolio can be very beneficial during periods of high inflation in the Australian economy.

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Property

No grace for slow related-party rent

SMSF Self-managed superannuation Sole purpose test Related party Rental income Collateral purpose Cooper Partners Financial Services Jemma Sanderson

SMSFs receiving rental income from a related party cannot extend charity if they fall behind in payments as assistance may breach the sole purpose test.

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Pensions, Regulation

TR 2013/5 sets consistent standard

TR 2013/5 minimum pension exempt current pension income superannuation income stream SMSF APRA fund CFS Craig Day

Consistent treatment of pensions where the payment standards have not been met has potentially been achieved with the update to TR 2013/5.

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Compliance, Property, SMSF

SMSF in administration can sell property

Re Absolute Vision Technologies SMSF Property Administration Sladen Legal Terence Wong Self-managed superannuation

The NSW Supreme Court has ruled a former SMSF trustee can sell a property while in administration on the provision the fund’s existing members consent to the sale.

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ASIC

ASIC raises alarm over share scams

Share scam Scam ASIC

ASIC has urged individuals to remain vigilant amid a rise in scams targeting shares held in the portfolio accounts of Australian investors.

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Investments

Zagga expands its global footprint

Zagga Zagga CRED fund Private credit Australian real estate

Zagga has achieved an increased global presence with the registration of its CRED fund as a foreign investment trust in Japan.

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Compliance, Estate Planning, financial advice

Estate planning commitment needed

Estate planning BDBN Binding death benefit nomination SMSF Self-managed superannuation Accurium View Legal

If accountants and advisers are looking to provide estate planning services, they must be unwavering in their efforts to do so to mitigate legal risk.

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Pensions

Flexi-pensions covered under legacy proposals

Self-managed superannuation SMSF DBA Lawyers Bryce Figot Legacy pensions Flexi-pension reserves

Despite flexi-pensions not being expressly mentioned in proposals to allow an exit from a legacy pension, the removal of reserves as a barrier would allow SMSF trustees to commute from them as well.

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Compliance, NALI/NALE, Property

Use separate deals to avoid in-specie NALI

In-specie transfer Property NALI Non-arm's-length income SMSF Self-managed superannuation

SMSF trustees can steer clear of NALI with a simple adjustment when acquiring property via a part purchase and in-specie transfer transaction.

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