News

ATO, Tax

Do hours first to meet work test

work test hours

SMSF members should do the actual work required to meet the work test before claiming any contribution deductions that may rely on passing it.

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Education

Specialist education will improve SMSF advice

specialist SMSF education

Specialised education for SMSF advisers will shield the sector from spruikers and advisers without proper knowledge, according to the SMSF Association.

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Documentation

New vesting/wind-up package released

SMSF vesting wind-up

A new package to assist advisers in the vesting or wind-up of an SMSF, discretionary trust or unit trust has been made available to the market.

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Financial Planning

Dixon Advisory hit with $7.2m penalty

dixon advisory penalty

Dixon Advisory has had a $7.1 million penalty imposed on it after it was found six of its authorised representatives did not act in their clients’ best interests.

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Compliance, Documentation

Related-party purchases misread

related party in-house asset

Many SMSF trustees may be exposing their fund to compliance issues through misunderstanding the related-party acquisition rules.

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ATO, Compliance

Check breach occurred before self-reporting

breach reporting

SMSF trustees should be certain a breach, and not a disagreement between members, has occurred before any voluntary disclosure to the ATO.

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Contributions

Deduction variations limited to lower amounts

personal deductible contributions variation

A notice of intent for personal deductible contributions can only be varied downwards and revised timeframes may apply.

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ASIC, Investments

Ban on Mayfair director overturned

ban Mayfair Mawhinney

A court imposed ban on Mayfair 101 director James Mawhinney has been overturned, but injunctions restraining his actions have been reimposed.

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Investments, Tax, Trusts

Unpaid entitlements still an issue

unpaid present entitlements

SMSF trustees may face significant compliance issues if present entitlements due to the fund from investments in a unit trust are not paid out.

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Insurance

Deductions hit by premium rollovers

Contributions deductions rollovers

Rolling money from one super fund to pay insurance premiums in another will reduce the the level of tax deductions available for personal contributions.

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