News

Administration

Indexation unlikely to up admin costs

indexation administration costs

The implementation of indexation to super thresholds, such as the transfer balance cap, is unlikely to cause a rise in SMSF administration charges.

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ATO, Auditing

ATO releases new valuation guidelines

SMSF asset valuation

The ATO has updated its SMSF asset valuation guidelines, but has reminded trustees and auditors of the need to have accurate information.

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Contributions

Salary sacrifice arrangements need revisiting

salary sacrifice contribution

Salary sacrifice arrangements used in SMSFs may not be consistent with new concessional contribution caps and should be revisited.

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ATO, Contributions

Don’t abuse excess charge removal

excess concessional contributions

The removal of a charge on excess concessional contributions should be seen as a favour to super fund members and not an opportunity to exploit its absence.

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ATO, Superannuation

ATO offers interim six-member solution

ATO six-member funds

The ATO has been forced to introduce a temporary registration system for six-member funds and has advised SMSFs to expect potential delays when registering.

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Strategy, Superannuation

Trust deed must include certain items

SMSF trust deed

An SMSF trust deed must have a series of non-negotiable items in it, such as rules allowing the use of a contribution suspense account.

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Pensions, Superannuation

Drawdown relief for all pensions

minimum pension relief

The reduced minimum pension that will now apply for the 2022 financial year is not restricted to account-based pensions.

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ATO, Auditing

Figures show SAN misuse not rife

SAN misuse ATO

SMSF auditor number misuse remains an area of concern, but ATO figures indicate it is not a widespread problem.

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Contributions

Missed contributions not end of the road

bring forward Contributions

Missed opportunities to make bring-forward contributions may open up the possibility for larger contributions under other new rules in the coming financial year.

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ASIC, Cryptocurrency

ASIC seeking best practice in crypto offerings

ASIC crypto-assets investors

ASIC has raised concerns about how ETPs and other investment products provide access to crypto-assets for retail investors.

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