News

ATO, Compliance

ATO disclosure can’t confirm breach

ATO disclosure SMSF breach

The ATO’s early engagement and voluntary disclosure service should only be used if a contravention of the superannuation rules has occurred.

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NALI/NALE

NALE a worst-case regulation

NALE property

The application of NALE provisions to property is a worst-case response to people who have been abusing in-specie transfer rules.

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Cryptocurrency

NFT status, value remain unclear

NFT status SMSF

The status of an NFT inside an SMSF is still unclear and issues remain with proving their value from an audit perspective each year.

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Financial Planning, Technology

AZ Sestante launches digital facility

AZ Sestante OpenInvest

A new digital investing solution has been released to the market to provide more young Australians with professional investment services.

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Documentation

New TBAR timeframe a tough ask

TBAR timeframe

The new TBAR timeframe to be introduced in the next income year is unlikely to see a seamless transition among SMSF trustees.

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Property

Tax status key to property retention

tax SMSF property

The tax-free status of an SMSF may be the key to deciding whether to retain a property asset inside the fund when a member dies.

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AFCA

SMSF complaints rise at AFCA

SMSFs complaints AFCA

The increased use of SMSFs has led to a rise in complaints to the industry dispute body according to one of its leading ombudsman.

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Superannuation

ASFA measures impact of COVID super relief

COVID superannuation relief

Industry analysis has shown the initiative to allow people to access their superannuation early as a COVID-19 financial hardship measure was a success.

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Pensions

Reserve removal must be fair

SMSF reserves

Fairness is a criteria that needs to be observed when looking to allocate monies tied up in reserves across all members of an SMSF.

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Property

Property work most likely to cause NALE issue

SMSF property NALE

Property improvements carried out within an SMSF are most likely to be the place where NALE breaches occur as trustees make mistakes about what actions they can take.

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