News

Contributions

Contribution reserve notification can be delayed

reserved contribution

SMSF members have been reminded there is a difference in the time a contribution reserve can be made and the lodging of the documentation for that contribution.

read more
Contributions, Superannuation

Super access for homes promised

superannuation first home

A re-elected Morrison government will grant access to superannuation to buy a first home and will further reduce the eligibility age to make downsizer contributions.

read more
Superannuation

Mixed opinions on super election initiatives

superannuation government

Potential negative repercussions could arise by allowing access to superannuation to buy a home, as proposed by the Morrison government if re-elected.

read more
Contributions

Downsizer changes create NCC clash

downsizer non-concessional contributions

SMSF members may choose to postpone downsizer contributions to a later time if they impact NCCs in the short term.

read more
ATO, Auditing

ATO to tell auditors about disqualifications

ATO SMSF auditors disqualification

The ATO will inform SMSF auditors of the disqualification of trustees or directors of a corporate trustee, but has urged them to review the status of all clients.

read more
Financial Planning, Pensions

Minimum pension reduction popular

minimum pension retirees

A significant majority of retirees are taking advantage of the minimum pension reduction originally introduced for the 2020 income year.

read more
ATO, Auditing

SAN misuse on the rise

SAN misuse SMSF returns

The ATO has found the misuse of SMSF auditor numbers on fund annual returns rose in the 2021 income year.

read more
Contributions

Downsizer time parameter now significant

downsizer contributions SMSF

SMSF members under the age of 65 can qualify to make a downsizer contribution if the settlement on the sale of their residence was made this month.

read more
Documentation

Unique deeds can be troublesome

SMSF trust deeds clauses

SMSF trust deeds with unique clauses that may eventuate in the fund trustees having to take unwanted actions should be avoided.

read more
ATO, Superannuation

Wind-ups don’t need nil balances

ATO SMSF balances

A balance sheet indicating a fund has zero balances is not required by the ATO for an SMSF wind-up procedure to take place.

read more

Copyright © SMS Magazine 2024

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.