News

ATO to tell auditors about disqualifications

May 16, 2022

The ATO will inform SMSF auditors of the disqualification of trustees or directors of a corporate trustee, but has urged them to review the status of all clients.

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Financial Planning, Pensions

Minimum pension reduction popular

May 12, 2022

Darin Tyson-Chan

A significant majority of retirees are taking advantage of the minimum pension reduction originally introduced for the 2020 income year.

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ATO, Auditing

SAN misuse on the rise

May 12, 2022

Darin Tyson-Chan

The ATO has found the misuse of SMSF auditor numbers on fund annual returns rose in the 2021 income year.

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Contributions

Downsizer time parameter now significant

May 12, 2022

Tia Thomas

SMSF members under the age of 65 can qualify to make a downsizer contribution if the settlement on the sale of their residence was made this month.

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Documentation

Unique deeds can be troublesome

May 12, 2022

Darin Tyson-Chan

SMSF trust deeds with unique clauses that may eventuate in the fund trustees having to take unwanted actions should be avoided.

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ATO, Superannuation

Wind-ups don’t need nil balances

May 11, 2022

Darin Tyson-Chan

A balance sheet indicating a fund has zero balances is not required by the ATO for an SMSF wind-up procedure to take place.

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Cryptocurrency

Economic conditions make crypto appealing

May 11, 2022

Tia Thomas

The high-risk and high-return potential of cryptocurrency could be the investment strategy SMSFs need during a rising inflation market.

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Financial Planning

Net adviser movement concerning

May 11, 2022

Darin Tyson-Chan

The financial advisory sector is continuing to see a talent shortage even though fewer practitioners exited the industry in the March quarter of 2022.

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Contributions, Regulation