News

Pensions

Accumulation-phase death benefit fix possible

accumulation death benefit

An SMSF expert has provided solutions to ensure a death benefit paid during the accumulation phase is not excessively impacted by tax.

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ATO, Tax

Deductibility of LRBA costs limited

SMSF LRBA deductions

Limits apply to the tax deductibility of expenses related to setting up an LRBA, with the ATO viewing legal advice as outside the deduction provisions.

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ATO

ATO performance calculation change welcomed

ATO SMSF performance

The ATO’s decision to alter its SMSF investment performance calculation method to align with that used by APRA-regulated funds has been welcomed by the SMSF Association.

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Documentation

Conflicting documents risk avoidable

SMSF documents conflict

Corporate trustee SMSFs need to ensure there are no conflicting statements in the trust deed and company constitution to avoid issues.

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NALI/NALE

Rewritten NALE rules reduce impact

NALE tax institute

The Tax Institute has put forward revised NALE rules that remove the tax slug for super funds but still tackle non-arm’s-length arrangements.

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Pensions

ECPI calculation change gets royal assent

ECPI royal assent

SMSF trustees will be able to choose how they calculate exempt current pension income from 1 April after a new bill received royal assent.

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ATO

LRBA numbers remain stable

SMSFs LRBA

New ATO data shows the percentage of SMSFs holding an LRBA remained relatively stable in 2019/20 compared to 2018/19, while the level of assets held within them was unchanged.

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Auditing

Valuation awareness left to auditors

SMSF valuation auditors

SMSF trustees are not fully aware of new asset valuation guidelines and auditors are finding themselves having to educate them on the changes.

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Investments

Portfolio diversity not legally required

SMSF portfolio diversity

The ATO has made the SMSF sector aware of the need for diversity in an investment portfolio, but this is not a legal obligation that must be met.

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Documentation, Strategy

Travelling trustees can’t override own EPOA

SMSF trustees overseas EPOA

SMSF trustees who are offshore can’t overrule their own legal representatives in Australia as the latter hold delegated power that can’t be pushed aside.

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