News

Pensions

Accounting fees tricky for ECPI

accounting fees ecpi deduction

Close attention must be paid to how accounting fees are treated with regard to their tax deductibility status when a fund is claiming exempt current pension income.

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Documentation

Paper trail best defence against creditor claims

contributions bankruptcy creditors

SMSF trustees need to document any contribution to prove what is legitimate and not an effort to hide assets during a time of bankruptcy.

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Residential Property

New peer-to-peer lending facility opens

peer-to-peer property lending

A new Australian peer-to-peer lending facility involving small-to-medium residential properties has emerged for SMSF investors.

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FASEA

FASEA exam numbers grow as pass rate falls

FASEA exam numbers

High numbers of advisers have undertaken the most recent FASEA exam, but the pass rate has continued to fall.

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Contributions

Downsizer requires macro view

downsizer strategy

SMSF trustees need to consider the long-term strategy benefits of making downsizer contributions and not be swayed by the current investment climate.

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Strategy

Bankruptcy can hit fund withdrawals

Bankruptcy SMSF withdrawals

The timing of a withdrawal from an SMSF with a bankrupt trustee can determine whether creditors have access to those funds.

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Contributions, Superannuation

Pre-budget announcements get early support

budget super announcements

Changes to the downsizer contribution scheme and work test, announced prior to tomorrow’s budget, will boost superannuation balances, according to an industry body.

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ATO

myGov scam targeting taxpayers

myGov scam

The ATO has warned taxpayers about a new phishing scam involving the myGov portal in the lead up to tax time.

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Tax

Indexation does not apply for DSFA

indexation DSFA

Indexation of the transfer balance cap will not affect the process that determines if an SMSF has disregarded small fund assets.

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Pensions

Prepare for pension despite uncertainty

pension drawdown

SMSF members drawing a pension should still be making plans for the next financial year, despite being uncertain as to what levels the minimum drawdown amount may be set at.

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