News

Contributions

Dual funds key part of recontribution strategy

SMSF recontribution strategy

SMSF looking to cash out and recontribute funds to reduce the taxable component of their balance should use a second SMSF to park their tax-free savings.

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Trusts

Injected capital will trap testamentary trusts

testamentary trust capital

SMSFs are neglecting to keep income sources separate when using a testamentary trust and may lose associated tax concessions.

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Contributions

Downsizer transcends contributions

downsizer SMSF contributions

The ability to put more money into a super fund is not the only advantage SMSF members can enjoy from using the downsizer contribution provisions.

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Contributions

Rule changes a nirvana for members

superannuation contributions changes

A range of contribution rule changes has created an ideal situation for super fund members, but the correct implementation order needs to be followed to maximise the benefits.

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Succession Planning

Constitutions neglected in trustee succession

constitution trustee succession

Trustees of a corporate SMSF have been advised to consider succession planning via the fund’s constitution rather than relying on the law.

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ASIC

ASIC claims crypto lender was unlicensed

cryptocurrency lender unlicensed

ASIC has commenced legal action against a cryptocurrency lender it claims was operating without a credit licence.

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NALI/NALE

NALE resolution should not drag on

NALE resolution

A resolution to industry concerns around NALE has taken too long and raises questions as to the aims of the provisions.

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ATO, Auditing

Tax agent may provide access to ACR

SMSF auditors ACR

SMSF auditors unable to access lodged ACRs may be able to request copies via their clients’ tax agents.

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Superannuation

Exiting hinders six-member SMSFs

SMSF six members

The process of exiting individuals from an SMSF is something trustees should consider before deciding to add members to a fund.

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Compliance, Regulation

Director ID must occur before appointment

director ID SMSF

Directors of a corporate SMSF must obtain their director identification number prior to being appointed, according to new rules introduced on Monday.

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