News

Compliance, Regulation

Online banking driving Reg 4.09A breaches

online banking separation of assets breaches SIS regulation 4.09a SMSF Self-managed superannuation Shelley Banton ASF Audits ACIS

SMSF auditors are finding more trustees are breaching the separation of assets rules, with the rise of online banking a key driver behind the errors.

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AAT, ATO, Compliance, Contributions, Superannuation

Divorce doesn’t alter contribution rules

Non-concessional contribution Divorce AAT Total superannuation balance ATO Special circumstances

The AAT has upheld an ATO decision that divorce-related superannuation splits are not special circumstances that alter how contribution caps will be applied.

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Retirement

More seniors working in retirement years

Association of Superannuation Funds of Australia ASFA Mary Delahunty Working in retirement superannuation

A substantial portion of older Australians are working beyond retirement age, prompting a call for more adaptable policies to accommodate this shift.

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Appointments

Auditors Institute adds new director

The Auditors Institute Augmented Audit Co Jessica Johl board of directors

The Auditors Institute has appointed a Gold Coast-based auditor as a board director as part of its plans to represent practitioners working inside and outside of the SMSF space.

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ECPI

Default ECPI calculation possible

ECPI method SMSF exempt current pension income Tim Miller Smarter SMSF

A default option will apply if trustees don’t make a deliberate choice as to how an SMSF’s ECPI is calculated in certain situations.

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Retirement, Superannuation

Gain or reward key to proof of work

condition of release retirement superannuation gainful employment SMSF Institute of Financial Professionals Australia IFPA Natasha Panagis

To meet a condition of release using the definition of retirement, the relevant employment situation must have an associated gain or reward.

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ATO, Compliance, Regulation

Sole purpose tough with some transactions

SMSF Self-managed superannuation Sole purpose test Related party Property development ATO Cooper Partners Financial Services Jemma Sanderson

SMSFs may be better off avoiding complex related-party transactions if the effort to enact them exceeds the work required to comply with the sole purpose test.

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ETFs, Investments

Betashares adds two ETFs

Betashares Alex Vyonkur ETF Exchange traded fund Nasdaq 100 GNDQ Global Defence ETF ARMR

Betashares has bolstered its ETF line-up with the launch of two new funds, one based off its Nasdaq focused offering and the other tapping into global defence spending.

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Pensions

Allow deceased legacy pension exits

Legacy pensions reserves SMSF Self-managed superannuation SMSF Association Legacy pensions reserves SMSF Self-managed superannuation SMSF Association

The SMSF Association has stated proposals to allow an exit from legacy pensions can be improved by including deceased members and retaining asset test exemptions.

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Administration, Pensions, Tax

Missed pension payments risk ECPI loss

Minimum pension ECPI Exempt current pension income

Practitioners should remind clients of the importance of meeting minimum pension requirements to ensure they retain the tax benefits of claiming exempt current pension income.

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