News

Insurance, LRBA, Property, SMSF

LRBA insurance payments not linear

LRBA Life insurance SMSF Business real property

SMSFs holding life insurance to cover liabilities from an LRBA should be aware any benefits from the policy may not actually be applied to the arrangement.

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Administration, ATO, Compliance, Regulation, SuperStream

Rollover timeframes work against trustees

SMSF Rollover Wind up SuperStream

SMSF trustees will continue to experience issues with rolling assets from a fund using SuperStream within the required timeframe due to unchanged limits in the system.

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Legislation, LRBA, SMSF, Tax

LRBA ban key to Greens Div 296 vote

SMSF LRBA Division 296 Australian Greens

The Greens are calling for restrictions on the use of LRBAs by SMSFs as a condition for the party’s support for the Division 296 bill before parliament.

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Auditing, Compliance, SMSF

Investment decision evidence required

SMSF Investment strategy Documentation Supporting evidence

An SMSF investment strategy must be documented along with the decisions the fund’s trustees have made in order to adhere to it.

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Contributions, Superannuation

Remove contribution excesses to avoid issues

SMSF Superannuation concessional contribution non-concessional contribution excess Heffron

SMSF members who make excess concessional contributions may be better off taking the funds out again rather than letting them be treated as non-concessional contributions.

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Legislation, SMSF, Tax

Div 296 labelled an SMSF attack

Better Targeted Superannuation Concessions Division 296 Kylea Tink Michael Broadbent SMSF

Independent members of parliament have called the introduction of the Division 296 tax as an attack on SMSFs to force their members into other funds.

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AAT, ATO, Compliance, NALI/NALE, SMSF

CAANZ calls for NALI clarity

NALI AAT ATO BPFN and Commissioner

It has been recommended the ATO update its non-arm’s length income guidance after one of its rulings was overturned by the AAT last year.

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Education, Financial Planning

Greater university involvement needed

Education Financial planning University course

The financial advice profession will benefit from an increase in specific education offerings from the major universities around Australia.

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Investments, Regulation

Sophisticated investor laws require a re-think

Sophisticated investor Retail shareholder Wilson Asset Management

The proposed amendment to the sophisticated investor rules provide an opportunity to review the relevant legislation and make it fairer.

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Legislation, NALI/NALE, Superannuation, Tax

Progress of NALE bill uncertain

NALE non-arm’s length expenses Chartered Accountants Australia and New Zealand Tony Negline Parliament

Changes to the rules around non-arm’s length expenses may not pass parliament before 30 June raising doubts as to their application in the current financial year.

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