News

ATO, Contributions

SuperStream may affect year-end strategy

SuperStream contribution strategy

The SuperStream system could have a significant effect on the common contribution reserve strategy should it be applied more broadly to SMSFs.

read more
Pensions

Rural property prices offer PLS windfall

Rural property pension loans

Rising real estate prices have made the Pension Loans Scheme more attractive for retirees who own rural properties and require a cash injection.

read more
ATO

ATO discretion a compensation fix

compensation ATO

Financial services firms are making compensation payments to SMSFs even where no dispute exists and funds should inform the ATO to ensure no cap breaches occur.

read more
Regulation, Retirement

SMSFs get retirement income covenant bypass

retirement income covenant

SMSFs will not be bound by the proposed legislation requiring superannuation fund trustees to formulate a retirement income strategy for members.

read more
Retirement

COVID-19 impacts retirement plans

retirement COVID-19

Investor research has shown Australians have changed their attitudes towards retirement as a result of the coronavirus pandemic.

read more
Superannuation

Director IDs create time pressure

SMSF directors

The directors of a corporate SMSF may find they have different time frames to apply for a director identification number dependent on when they first registered as a director.

read more
Superannuation

Bank statement can’t provide strategy order

SMSF bank statement

Transaction narratives appearing on an SMSF bank statement have no relevance in determining which member account a withdrawal is applied against.

read more
ATO

ATO extends COVID-19 relief measures

ATO COVID-19 relief

The ATO has extended the COVID-19 compliance relief measures, confirming they will apply to SMSFs for the 2022 financial year as well.

read more
ATO

ATO can monitor work test

ATO work test

The ATO has the ability to determine if people over the age of 66 who have made personal super contributions have satisfied the required work test.

read more
Regulation, Superannuation

Choice rules can bypass stapled fund delays

choice stapled fund

SMSF members can use choice of fund rules to bypass delays that might prevent their fund being nominated under stapled fund rules starting in November.

read more

Copyright © SMS Magazine 2024

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.