News

Downsizer

New partners eligible for downsizer

Downsizer contributions Remarriage Second relationship BT Technical Services Tim Howard

Downsizer contributions are not closed off to superannuants who have remarried, even if they are not on the title of a property, with eligibility to contribute, not ownership, the key criteria.

read more
financial advice, Regulation

Dixon parent company to delist

FAAA Dixon Advisory E&P Financial Group CSLR Compensation Scheme of Last Resort ASX

The parent company of Dixon Advisory has announced plans to move into private ownership, but this is unlikely to prevent public scrutiny during the inquiry into the collapse of the advice firm.

read more
Auditing, SMSF

Qualified audit isn’t non-compliance

ATO Audit Valuation Qualification

SMSF trustees may overestimate the consequences of a compliance breach related to asset valuations, but they are still required to make efforts to obtain sufficient evidence.

read more
ATO, Regulation, SMSF

Non-residency must be reported

Annual return ATO SMSF Residency Central management and control test

The non-resident status of an SMSF must be reported to the ATO rather than it informing practitioners of that fact as they would have the information before the regulator.

read more
financial advice, Retirement

Australians forgoing retirement advice

ASFA Retirement Advice

New research shows nearly half of Australian adults have not sought retirement planning information, with a significant gap between those trusting professional advice and those actually using it.

read more
Contributions, SMSF, SuperStream

Trustees still bypassing SuperStream

Research has shown a significant proportion of trustees are neglecting to use SuperStream when processing contribution transactions.

read more
NALI/NALE

Question NALE actions inside funds

SMSF Self-managed superannuation NALE non-arm’s length expenditure reasonable attempt Tony Negline Chartered Accountants Australia and New Zealand

SMSF trustees should be asked if any actions in relation to fund assets fall outside their trustee capacity as these will not be considered as a reasonable attempt to comply with the NALE rules.

read more
BDBNs, Documentation, SMSF

Avoid deed restrictions, but keep instructions

New SMSF deeds should not lock down the operation of BDBNs or pensions, but not be so open ended they lack any reference to how they will be executed at the appropriate time.

read more
SMSF, Tax

Volatility shows Div 296 inequity

Large swings in the value of volatile assets, which could lead to SMSFs being subject to Division 296 tax, highlights the problem with taxing unrealised gains.

read more

Copyright © SMS Magazine 2024

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.