News

Trusts

Trust distribution recognition key

Understanding the accounting method an SMSF should apply to unit trust distributions is critical to producing accurate financial statements.

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NALI/NALE

LCR creates discount policy scrutiny

The application of discount policies for SMSF trustees may need further consideration following changes to rules regarding NALE.

The application of discount policies for SMSF trustees may need further consideration following changes to rules regarding NALE.

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financial advice

Dixon Advisory clients should be heard

A call has been made to allow clients who lost money in the Dixon Advisory collapse to be allowed to appear at the related Senate hearings.

A call has been made to allow clients who lost money in the Dixon Advisory collapse to be allowed to appear at the related Senate hearings.

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ASIC, ATO, Regulation

Financial regulation initiative launched

The government has unveiled a grid aimed at improving the regulation processes involving the Australian financial sector.

The government has unveiled a grid aimed at improving the regulation processes involving the Australian financial sector.

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ATO, Contributions, Tax

Contributions deduction error fixed

The ATO has corrected an error in its procedures with regard to allowing SMSF members to claim a tax deduction for personal contributions.

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Insurance, NALI/NALE

Specific NALE may apply to insurance

Life insurance premiums paid by an SMSF for a particular member may be considered specific NALE given they are not costs related to the general operation of the fund.

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ATO, Compliance

ATO names related-party funding concerns

Key risk factors that can arise in related-party funding arrangements have been flagged by the ATO for compliance activity if it identifies at least one of them is present.

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Superannuation

Payday super implementation boost

The government will spend more than $400 million to ensure its payday super reforms are operating on schedule, while boosting the regime to punish wayward employers.

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Business News

Merry Christmas and Happy New Year

Christmas

The team at selfmanagedsuper wishes all of its readers a very Merry Christmas and a happy, healthy and prosperous New Year.

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financial advice, SMSF, Superannuation

Notes to SMSF accounts very significant

The notes to the financial statements for an SMSF take on particular significance due to the special-purpose nature of these entities.

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