News

Compliance, Documentation

Trust deeds are extension of the law

SMSF trust deeds

The SMSF trust deed must be seen by trustees and their advisers as an extension of superannuation law and adhered to at all times.

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Insurance, Superannuation

Cancel life cover before starting fund wind-up

SMSF life insurance

SMSFs holding life insurance policies should cancel them before starting the wind-up process to ensure the fund is not incorrectly viewed as active.

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ATO, Insurance

Prior insurance vital for collectables

collectable assets

Trustees who invest in collectable and personal-use assets inside an SMSF are being advised by the ATO to consider insurance before purchasing the asset.

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Contributions, Strategy

Combined contribution strategy tax bonus

contributions reserving strategy

Combining carry-forward concessional contributions with the reserving strategy can result in a favourable tax outcome for SMSFs.

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Contributions, Superannuation

Budget to amplify contribution errors

contribution errors work test

The government’s decision to remove the work test will have significant implications for contribution errors made subsequent to the measure’s introduction.

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ATO, NALI/NALE

NALE shift targets small funds

ATO NALE small SMSFs

The ATO’s broad-brush view of NALE will hit more small fund members than those trustees seeking to exploit non-arm’s-length rules.

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ATO

ATO updates valuation guidelines

ATO valuation guideline

The ATO has released a new guideline for the valuation of assets, and reminds SMSFs to stay on top of their reporting obligations in a number of key areas.

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Compliance, Tax

COVID deception results in maximum ban

TPB ban covid

A tax agent has been deregistered from the Tax Practitioners Board and been given the maximum ban for multiple breaches of the Code of Professional Conduct.

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Compliance, Superannuation

Terms of engagement need review

SMSF terms of engagement

An amendment made last year to APES 305 will require accountants servicing SMSF clients to review their terms-of-engagement documents before the end of the 2021 financial year.

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Pensions

Legacy pension reserves tax lacks logic

Legacy pension reserves tax

Charging a tax on legacy pension reserves appears to be based on incorrect assumptions about their source and has come without any explanation from government.

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