News

ECPI

Rule of thumb useful in choosing ECPI method

ECPI method

SMSF actuaries are unlikely to recommend a preferred method for calculating exempt current pension income so practitioners should use a rule of thumb to make that call.

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Tax

TPB opens consultation on tax agent registration

TPB tax agent registration

The Tax Practitioners Board is seeking input on new guidance as to who must be registered with it as a tax agent.

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ETFs

ETF provides metaverse gateway

betashares etf metaverse

BetaShares has launched an ETF on the ASX giving investors access to the rapidly developing metaverse economy.

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NALI/NALE

NALI compels LRBA conservatism

NALI LRBA

SMSF advisers have been warned not to take an aggressive stance with LRBA interest rates involving related parties to avoid invoking the NALI rules.

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ECPI

ECPI calculation switchable year-on-year

ECPI calculation

SMSFs are not locked in to using the same exempt current pension income (ECPI) calculation method each year and can freely switch as it suits them.

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Death benefits

Tax dangers for testamentary trusts

death benefits testamentary trust

An SMSF expert has warned there could be death benefit tax repercussions for beneficiaries of a testamentary trust if their status is unclear.

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ASIC

Dixon clients urged to lodge AFCA complaint

AFCA Dixon Advisory complaint

ASIC has told former clients of Dixon Advisory to lodge a formal complaint so they may be eligible to receive compensation under any schemes launched in the future.

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Documentation

Documentation not one dimensional

SMSF documentation

A multifaceted approach is required with regard to SMSF documentation to ensure fund compliance and to limit professional risk.

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Property

Agency agreement central for building work

SMSFs related-party builder

SMSFs can use a related-party builder for construction work, but must have clear arrangements around the purchase of materials and terms of the contract.

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ASIC

Adviser banned for early release advice

Adviser banned early release

ASIC has banned an adviser who recommended clients use an SMSF to gain illegal early access to their superannuation.

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