News

ATO, Pensions, SMSF, Superannuation, Tax, Trusts

Pension phase negates fee deductions

An SMSF with only a pension phase interest is unlikely to be able to claim a tax deduction for an accounting fee charged to the fund.

An SMSF with only a pension phase interest is unlikely to be able to claim a tax deduction for an accounting fee charged to the fund.

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Business News, SMSF, Superannuation, Tax

Coalition reiterates Div 296 opposition

The coalition has confirmed it will scrap the Division 296 tax when it is returned to power if the measure becomes law under the Labor government.

The coalition has confirmed it will scrap the Division 296 tax when it is returned to power if the measure becomes law under the Labor government.

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ETFs, Investments

Long-short ETF launched

A new ETF will be made available to investors next week that will be the first to utilise a long short strategy to generate returns.

A new ETF will be made available to investors next week that will be the first to utilise a long short strategy to generate returns.

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ATO, Auditing, SMSF, Superannuation, Tax

Risk reduction for ATO auditor reviews

SMSF auditors should consider a rule of thumb that will be of great benefit should they ever experience a regulator review or investigation.

SMSF auditors should consider a rule of thumb that will be of great benefit should they ever experience a regulator review or investigation.

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financial advice, Legislation, Regulation, SMSF, Superannuation, Trusts

Proof of transaction terms a concern

The procedures of SMSF auditors pertaining to transactions conducted at arm’s length have been recognised as an area of regulatory concern.

The procedures of SMSF auditors pertaining to transactions conducted at arm’s length have been recognised as an area of regulatory concern.

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Accounting

TRIS overpayment guidance needed

More guidance is needed to ascertain whether the ATO will provide discretion for SMSF members who overpay a TRIS after existing information was withdrawn by the regulator.

More guidance is needed to ascertain whether the ATO will provide discretion for SMSF members who overpay a TRIS after existing information was withdrawn by the regulator.

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Education, Retirement, SMSF, Superannuation

Retirement stresses Australians

Recent analysis into the country’s retirement savings system has shown Australians are struggling with the complexity of the framework. approach to rectify it.

Recent analysis into the country’s retirement savings system has shown Australians are struggling with the complexity of the framework.

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In-house assets, SMSF, Superannuation

DBA Lawyers promotes senior members

A Melbourne-based SMSF specialist legal firm has promoted two of its senior staff members to the role of directors of the practice.

A Melbourne-based SMSF specialist legal firm has promoted two of its senior staff members to the role of directors of the practice.

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Business News, financial advice, SMSF, Superannuation

LRBA repayment plan required

Auditors are likely to insist on seeing a full repayment schedule for an SMSF related-party loan to ensure compliance with PCG 2016/5.

Auditors are likely to insist on seeing a full repayment schedule for an SMSF related-party loan to ensure compliance with PCG 2016/5.

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NALI/NALE, SMSF, Superannuation, Tax

LCR confirms post-acquisition NALE view

ATO revised draft guidance has amended the application of NALE to specific assets after their acquisition with regard to capital gains.

ATO revised draft guidance has amended the application of NALE to specific assets after their acquisition with regard to capital gains.

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