News

ATO

SMSFA calls for NALE clarity

SMSF Association NALE clarity

While the SMSF sector awaits a final ruling on the handling of non-arm’s-length expenses (NALE) rules, a further call has been made for greater clarity around what trustees can and can’t do for their fund.

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Superannuation

SGC halt hypocritical and broken promise

Super guarantee promise

Halting SGC increases would be unfair to workers and a departure from stated government policy at the last election, the opposition has claimed.

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Superannuation

SMSF practitioners strong in 2020

SMSF practitioners 2020

The SMSF sector performed well in 2020 on all fronts, including during the heights of the COVID-19 crisis and state lockdowns.

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Superannuation

Best financial interest duty key for SMSFs

Best financial interest duty SMSFs

The best financial interest duty that will be introduced in the Your Future, Your Super package will have relevance for all super funds, including SMSFs, according to a senior government minister

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Accounting, Documentation

Class acquires document provider

Class ReckonDocs

SMSF technology platform Class has acquired documentation service ReckonDocs as part of its ongoing transformation strategy.

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Compliance

SPT breaches often linked to other failures

Sole purpose breaches

SMSF trustees need to be alert to the need to comply with the sole purpose test, with many contraventions often tied back to a failure to meet the test.

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Strategy

Deferred allocations effective, but need care

deferred allocation

The key to an effective deferred allocation strategy is understanding what is required of a fund at the time of making a contribution and allocating a contribution, a technical expert says.

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Documentation, Succession Planning

Care needed over LPR timing

LPR appointment timing

The length of time it takes to commence death benefit payments can impact the appointment of a legal personal representative.

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Technology

GBST facility includes SMSFs

GBST SMSF rollovers

Users of the GBST SuperStream Gateway can now process SMSF rollovers to public offer funds.

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Technology

SuperConcepts to release new admin product

SuperConcepts administration product

SuperConcepts will offer advisers a new full-service administration product that draws on the whole scope of its service offering.

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