News

Contributions, Tax

Acceptance rules key to CGT benefit

SMSF Self-managed superannuation Contribution acceptance rules Capital gains tax small business concessions CGT Accurium Mark Ellem

The contribution acceptance rules will always be the determining factor as to whether a member can use the CGT small business concessions.

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Compliance, NALI/NALE

NALI breaches remain unfixable

SMSF Self-managed superannuation NALI Non-arm's length income ATO

The ATO’s strict stance on NALI breaches leaves SMSF trustees with no way to rectify or fix honest mistakes without facing penalties.

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Platforms, Technology

Anti-fraud measure added to SuperMate

Fraud SuperConcepts SuperMate

SuperConcepts has introduced an anti-fraud verification measure to protect the financial information of users from being exposed to fraudsters.

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ASIC, Education, financial advice

ASIC issues qualification checking reminder

ASIC AFS licensees Adviser qualifications Approved degrees determination

ASIC has told advice licensees they must check the qualifications of all advisers under their banner even when they have previously worked for another organisation.

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Legislation, Tax

IFPA raises Div 296 protest again

Unrealised capital gains Division 296 tax IFPA Institute of Financial Professionals Australia Total superannuation balance

Strong objections and suggested better approaches to the proposed Division 296 tax have again been communicated to members of parliament by IFPA.

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NALI/NALE, Tax

Capital losses can offset NALI liability

Non-arm's length income NALI Capital loss Capital gains tax TD 2024/5 SMSF Self-managed superannuation

Analysis of ATO guidance has identified how an SMSF could potentially use significant capital losses to reduce a NALI tax liability.

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Legislation, Superannuation, Tax

Use $3m tax to boost low balances

Division 296 tax LISTO Low income superannuation tax offset Deeming rate ASFA Association of Superannuation Funds of Australia

ASFA has called for some of the revenue to come from the proposed Division 296 tax to be used to boost the super balances of low-income earners.

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financial advice

Inquiry needed into actions of Dixon owners

Financial Advice Association Australia FAAA Phil Anderson Dixon Advisory, Compensation Scheme of Last Resort CSLR E&P Financial Group Evans & Partners

The FAAA has questioned how the parent company of Dixon Advisory was able to abandon it without penalty and is now operating a new firm with many of the same staff and clients.

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SMSF, Tax

Don’t confuse Div 296 calculations

SMSF Association Peter Burgess Tech Summit 2024 Division 296 Self-managed superannuation Total super balance TSB earnings

SMSF advisers and trustees should look closely at how the Division 296 tax calculations work as any confusion may result in them not using withdrawals to manage the impost’s impact.

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Financial Planning, Retirement, Superannuation

Life expectancy tables imperfect

Longevity risk Median expectancy tables Median age IFPA

It is not sound practice for advisers to rely almost solely on ABS life expectancy tables to manage a longevity risk due to the data involved.

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