News

ATO

ATO revisits COVID-19 relief

ATO COVID-19 relief

The ATO is looking to implement measures for SMSFs suffering financial hardship in the current round of COVID-19 lockdowns.

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Contributions, Superannuation

Compensation will count towards contributions

compensation contribution caps

Super fund members receiving compensation for poor advice will need to assess the circumstances of any payments to ensure they do not exceed their contribution caps.

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ATO, Superannuation

SuperStream rollover events clarified

SuperStream rollover events

The ATO has clarified the events under which SMSF trustees must make rollovers using the SuperStream service set to take effect from 1 October.

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Retirement, Superannuation

Create incentives to use super in retirement

incentives retirement super

Retirees should be given incentives to use their superannuation savings rather than planning to pass on their money as a bequest.

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Business News

Leading service providers awarded

SMSF Service Provider 2021

selfmanagedsuper and research house CoreData have announced the winners of the SMSF Service Provider Awards 2021, which were presented during an online event today.

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Contributions, Regulation

Excess determination charge still has bite

excess determination charge

The removal of the excess concessional contribution determination charge does not mean the ATO cannot apply it where applicable for past actions.

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ATO, Auditing

SuperStream audit checks to start in October

auditors SuperStream

The ATO has advised SMSF auditors they will need to gather evidence regarding non-compliance with SuperStream rules from 1 October only.

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Accounting, Investments

Licence not key for investment strategy help

SMSF investment strategy

An active role in assisting SMSF clients with their investment strategies can be fulfilled by unlicensed practitioners.

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Pensions

Minimum pension more critical for dual-phase SMSFs

minimum pension phase

SMSFs with both accumulation and pension-phase interests will suffer more significant disadvantageous tax implications from failing to meet the minimum pension requirement.

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Superannuation

Purpose of SMSFs align with duty

financial interest SMSFs

SMSFs trustees holding to the core purpose of their fund will meet the new best financial interest duty requirements.

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