News

Auditing

Auditor portal updated, privacy warning issued

SMSF auditors portal

The ATO has updated its online portal for SMSF auditors and reminded them the information lodged falls under privacy laws.

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NALI/NALE

NALE fix welcome but details needed

NALE amendments

Plans to ensure the NALE and NALI provisions do not have unintended consequences have been welcomed, but the outcome for SMSFs requires more detail.

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Contributions

Subtle change to NCC rules

Non-concessional contributions

The new contribution rules to take effect on 1 July 2022 contain a subtle difference to the current legislation requiring a work test to be satisfied.

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Investments

Unadvised SMSFs lack investment insight

SMSF investment insight

SMSF trustees running their own investments lack the depth of knowledge to make the best investment decisions and should steer away from do-it-yourself solutions.

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NALI/NALE

Govt to make NALE work as intended

NALE provisions

The federal government has responded to concerns about the impact of non-arm’s-length expense provisions and will move to ensure they do not go further than intended.

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ATO, LRBA

ATO extends LRBA amnesty

LRBA compliance relief

Compliance relief regarding amended non-bank limited recourse borrowing arrangements has been extended through an amendment to PCG 2016/5.

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Documentation

Expense identification key to deductions

expense deductions

Being certain what expenses create assessable income within an SMSF is a key starting point to ensuring the correct deductions are made.

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Regulation

Call for minimum pension relief extension

pension relief AIR

A call has been made for the government to extend the lower minimum pension financial relief measure to include the 2023 financial year.

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ETFs, Investments

Nanuk lists sustainable ETMF offering

Nanuk ETMF

Nanuk Asset Management has converted its sustainable investment fund into an exchange-traded managed fund to widen its exposure to investors.

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Regulation, Superannuation

Calls for more super reform

superannuation reform

More reform of the superannuation system has been recommended in federal budget submissions by a variety of industry stakeholders.

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