News

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.

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Cryptocurrency

Economic conditions make crypto appealing

cryptocurrency SMSFs

The high-risk and high-return potential of cryptocurrency could be the investment strategy SMSFs need during a rising inflation market.

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Financial Planning

Net adviser movement concerning

financial advisers

The financial advisory sector is continuing to see a talent shortage even though fewer practitioners exited the industry in the March quarter of 2022.

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Contributions, Regulation

Downsizer timeframe now changed

downsizer contributions

An impending legislative change means individuals do not have to forgo making downsizer contributions even if they are not made at age 60.

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Investments

Lack of detail not a free hand

SMSF deed investment

A lack of details in an SMSF trust deed does not imply trustees have a free hand when considering what makes an acceptable investment.

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ATO

SMSF messaging provider list updated

ATO SMSF messaging providers

The register of SMSF messaging service providers that can facilitate transactions using SuperStream has been updated by the ATO.

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ETFs

BetaShares launches food ETF

BetaShares ETF food

Following the increased popularity of plant-based foods, BetaShares has announced its new thematic ETF set to launch at the end of May.

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ATO

No leniency for late returns

SMSF lodgements extension

The ATO is not considering a general extension for late lodgements for SMSF annual returns, but has encouraged people to contact it directly to seek assistance with any problems.

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NALI/NALE

NALE rule changes identified

NALE rules changes

Several potential changes to the non-arm’s-length expenditure rules can be identified based on the recommendations put forward by industry stakeholders.

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Appointments

SuperConcepts bolsters sales team

SuperConcepts sales team

Two new positions within the SuperConcepts sales team have been filled via the appointment of a new team member and an internal promotion.

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