News

ATO, NALI/NALE

ATO looking deeper into NALE issues

ATO NALE

The ATO’s final ruling on NALE is being reinforced by investigative work into how the SMSF sector has been using non-arm’s-length arrangements.

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Superannuation

Six-member fund sign-offs need review

six-member fund

All processes requiring approval by a proportion of SMSF trustees should be reviewed if new members are added to a fund under the new six-member legislation.

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Retirement

Virus restrictions hit retiree living costs

retirees living costs

ASFA statistics have revealed the increased cost of living in the past year has put greater pressure on retirees.

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Financial Planning, Superannuation

Westpac cops $10.5m best interests penalty

Westpac penalty

A five-year legal battle has ended with Westpac being penalised $10.5 million for providing unlicensed financial advice in relation to superannuation.

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ATO

ATO revisits COVID-19 relief

ATO COVID-19 relief

The ATO is looking to implement measures for SMSFs suffering financial hardship in the current round of COVID-19 lockdowns.

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Contributions, Superannuation

Compensation will count towards contributions

compensation contribution caps

Super fund members receiving compensation for poor advice will need to assess the circumstances of any payments to ensure they do not exceed their contribution caps.

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ATO, Superannuation

SuperStream rollover events clarified

SuperStream rollover events

The ATO has clarified the events under which SMSF trustees must make rollovers using the SuperStream service set to take effect from 1 October.

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Retirement, Superannuation

Create incentives to use super in retirement

incentives retirement super

Retirees should be given incentives to use their superannuation savings rather than planning to pass on their money as a bequest.

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Business News

Leading service providers awarded

SMSF Service Provider 2021

selfmanagedsuper and research house CoreData have announced the winners of the SMSF Service Provider Awards 2021, which were presented during an online event today.

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Contributions, Regulation

Excess determination charge still has bite

excess determination charge

The removal of the excess concessional contribution determination charge does not mean the ATO cannot apply it where applicable for past actions.

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