News

SMSFA optimistic about fund member bill

November 9, 2020

The SMSF Association is confident the bill increasing the maximum number of SMSF members from four to six will be passed.

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Strategy

Indexation pause for bring forward contributions

November 5, 2020

Jason Spits

Advisers looking at a bring forward strategy for clients may want to wait until possible indexation changes have been applied.

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Documentation

Backdating concerns may be unfounded

November 5, 2020

Tharshini Ashokan

Advisers may be too concerned about backdating and being in breach of the Financial Adviser Standards and Ethics Authority’s Code of Ethics, an SMSF technical expert says.

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Insurance

Correct insurance transfers a must

November 5, 2020

Darin Tyson-Chan

Any transfers of risk insurance from an individual to an SMSF must be legitimate due to the severity of penalties resulting from breaches related to these transactions.

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Superannuation

Senate committee green-lights expanded funds

November 5, 2020

Jason Spits

A Senate committee has recommended SMSFs be allowed to accommodate six members, but dissenting senators called for greater regulation around SMSF advice.

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Accounting, Tax

Accounting method not Part IVA

November 4, 2020

Darin Tyson-Chan

A technical manager has allayed adviser fears over the use of tax-effect accounting in an SMSF being captured under Part IVA provisions of the Income Tax Assessment Act.

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ATO, Compliance

Proactive measures will appeal to ATO

November 4, 2020

Jason Spits

A willingness to self-correct SMSF trustee breaches, alongside a clean track record, will be well regarded by the ATO, an SMSF legal firm has advised.

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Retirement

Rate cut punishes self-funded retirees

November 4, 2020

Jason Spits

The most recent interest rate cut will impact self-funded retirees through lower investment returns, while saddling them with a deeming rate that remains too high.

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Strategy