News

Contributions, Strategy

Contribution split equal balance not required

Contribution splitting Concessional contribution Spouse Age pension

Using contribution splitting to intentionally keep super balances uneven is a legitimate strategy that opens up other opportunities for members to access or grow their funds.

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BDBNs, Estate Planning, SMSF

BDBN execution hinges on witness process

BDBN Binding death benefit nomination Executor Will In the matter of Gainer Associates Pty Ltd Estate planning

A recent NSW Supreme Court case has underscored the estate planning risks associated with not properly executing a binding death benefit nomination tied to an SMSF.

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Administration, Technology

Long starts AI-powered admin firm

Olivia Long SMSFAI artificial intelligence AI SMSF administration Digital Rapport David Cowling

Olivia Long has launched a new SMSF administration firm that will use artificial intelligence to produce client reports, with plans to use it across the entire reporting process.

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Tax

Tax write-offs for scams possible

SMSF Self-managed superannuation Heffron Lyn Formica investment scam tax deduction capital loss

Favourable tax treatment may be available to SMSF members who have been victims of an investment scam in certain circumstances.

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Estate Planning

Strategy key to post-death control

SMSF Self-managed superannuation Smarter SMSF Tim Miller legal personal representative appointment

Careful planning is essential to maintain control of an SMSF after a member’s death as appointing a legal personal representative can be complex.

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ASIC, financial advice

FAAA urges MPs to support Dixon inquiry

FAAA Financial Advice Association Australia Dixon Advisory Compensation Scheme of Last Resort CSLR Sarah Abood Phil Anderson Public inquiry

The Financial Advice Association Australia has written to every member of parliament asking them to support its call for an inquiry into the collapse of Dixon Advisory.

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Investments, Technology

OpenInvest unveils Vietnamese community offer

OpenInvest Ravi Verma Vietinvest Infinitezephyr Dean Nguyen ElectricFAI

OpenInvest has joined with a Sydney adviser to provide an online investment tool offering specialised portfolio options for members of the Vietnamese community.

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ATO, Auditing

ATO auditor data revelations

SMSF Self-managed superannuation SMSF auditor ASIC ATO referrals DBA Lawyers Bryce Figot audit evidence market valuations

ATO SMSF auditor guidance is a useful reference tool to mitigate compliance issues these practitioners may encounter when performing their duties.

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NALI/NALE, Tax

NALI penalises all capital gains

Non-arm’s length income NALI Capital gains SMSF Self-managed superannuation IFPA Natasha Panagis

An example included in TD 2024/5 has shown how the NALI provisions can affect all SMSF capital gains realised in a particular income year.

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Contributions

Contribution splitting needs long-term focus

SMSF Self-managed superannuation contribution splitting Heffron Lyn Formica

SMSF practitioners and members planning to use contribution splitting strategies to even out member balances must commit to a long-term approach to see any substantial change.

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