News

Accounting

New reporting timeframe for commutations

pension commutation reporting

SMSF members with commuted pensions must pay attention to new reporting dates to ensure any tax is correctly calculated.

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Financial Planning, Regulation

Specialist SMSF advice training a must

SMSF specialist advice training

SMSF advice should only be given by those with specialist training and this should be a mandatory requirement under any further advice reforms.

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BDBNs

SMSF BDBNs ruled as non-lapsing

BDBNs non-lapsing

BDBNs within an SMSF are not subject to lapsing rules, according to a High Court ruling that follows four other legal cases with similar findings.

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Superannuation

Younger trustees driving establishments

SMSF establishments younger

New SMSF establishments instigated by younger trustees during the COVID-19 pandemic period have driven an uptick in the total number of funds.

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Cryptocurrency

Crypto ownership requires focus

cryptocurrency ownership SMSF

The proof of correct and proper ownership of cryptocurrency assets is of the utmost importance from a compliance perspective for SMSF trustees.

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Administration

SMSF clients very cost conscious

SMSF trustees costs

SMSF trustees have been found to be very mindful of the costs involved with running their own retirement savings vehicle.

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Financial Planning, Technology

Padua releases robo-advice solution

Padua robo-advice

Following on from the appointment of two senior staffers, Padua has released a new time-saving robo-advice offering.

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Contributions

Contribution errors eliminated

non-concessional contributions errors

The ability to repay non-concessional contributions accepted in error by superannuation fund trustees will be eliminated on 1 July.

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ATO

SMSF landlords reminded of allowable claims

ATO SMSF tax rental

The ATO has reminded SMSF trustees which common tax mistakes they should avoid when making repairs to rental investment homes.

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Technology

Map out cybersecurity processes

SMSF cyber-security

SMSF advisers and trustees must be clear about what cybersecurity processes are in place and should not merely accept them on face value.

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