News

Contributions

Downsizer time parameter now significant

downsizer contributions SMSF

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

SMSF trust deeds clauses

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

ATO SMSF balances

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

cryptocurrency SMSFs

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

financial advisers

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

Downsizer timeframe now changed

downsizer contributions

An impending legislative change means individuals do not have to forgo making downsizer contributions even if they are not made at age 60.

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Investments

Lack of detail not a free hand

SMSF deed investment

A lack of details in an SMSF trust deed does not imply trustees have a free hand when considering what makes an acceptable investment.

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ATO

SMSF messaging provider list updated

ATO SMSF messaging providers

The register of SMSF messaging service providers that can facilitate transactions using SuperStream has been updated by the ATO.

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ETFs

BetaShares launches food ETF

BetaShares ETF food

Following the increased popularity of plant-based foods, BetaShares has announced its new thematic ETF set to launch at the end of May.

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ATO

No leniency for late returns

SMSF lodgements extension

The ATO is not considering a general extension for late lodgements for SMSF annual returns, but has encouraged people to contact it directly to seek assistance with any problems.

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