News

Compliance, Documentation

Director ID presents an SMSF challenge

SMSF director identification

Directors of SMSF corporate trustees may find difficulties in the application procedure for the director identification number they will need to hold.

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Contributions, Superannuation

Easy fix for contribution eligibility question

superannuation contribution eligibility

At the end of the financial year advisers are asking how much their clients can contribute to superannuation, but that should not be the first issue addressed, according to a technical consultant.

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NALI/NALE

NALI capital gain treatment unclear

NALI capital gain SMSF

The tax treatment of the capital gain associated with an SMSF asset that has been tainted by NALI for only part of its fund life remains unknown.

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ATO, Tax

ATO reminds trustees of PAYG obligations

ATO PAYG obligations

The ATO has reminded trustees of the PAYG obligations for members who receive a super benefit payment as the reporting due date closes in.

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Documentation, Financial Planning

Ongoing fee arrangement guidance released

ongoing fee arrangements

Advisers have been provided with new guidance by ASIC on handling ongoing fee arrangements that incorporates royal commission recommendations.

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Documentation, Technology

New online fact find launched

online fact find

The hurdles of COVID-19 have driven a financial planner to create a new online fact find tool that meets new legal obligations for storing client records.

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Retirement, Superannuation

AIR applauds minimum pension decision

retirees minimum pension

The government’s decision to extend the period of the minimum pension reduction has been endorsed by the Association of Independent Retirees.

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ATO, Technology

Super Fund Lookup error surfaces

super fund lookup error

A malfunction of the ATO’s Super Fund Lookup register has resulted in some SMSFs erroneously losing their complying status on the system.

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Pensions

Borrowings interim pension cash shortfall fix

Borrow pension cash shortfall

SMSFs low on cash can borrow to make minimum pension payments, but should be looking at why there was a shortfall in the first place.

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LRBA

No TBAR obligations from LRBAs

TBAR LRBA transactions

Transactions arising from limited recourse borrowing arrangements are unlikely to trigger a transfer balance account reporting event.

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