News

Documentation, Superannuation

Early TBA reporting needed in 2020/21

TBAR lodging

Annual transfer balance account reports should be lodged ahead of time for 2020/21 due to the introduction of indexation to the super system.

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Strategy

TSB not completely locked down

TSB locked down

A seldom-used option in declaring interests in an SMSF can allow a member to adjust their total super balance downwards and get back under certain thresholds.

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Business News

SMSFA to hold in-person technical event

SMSFA technical summit

More than a year after its last face-to-face event, the SMSF Association will hold a technical summit on the Gold Coast in July for a limited number of attendees.

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ASIC

Government appoints new ASIC chair

new ASIC chair

The federal government has appointed a new ASIC chair from outside the organisation who will take on the role from 1 June from current chair James Shipton.

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ATO, NALI/NALE

NALE rules could catch small errors

NALE rules errors

Standard methods of correcting SMSF operational errors could put funds at risk of being caught by the non-arm’s-length expenditure rules.

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Financial Planning

Super changes at fore in post-COVID advice

superannuation COVID advice

As COVID-19 social security measures wind down, advisers are seeking more technical help to tackle pending changes to superannuation contributions and fund balances.

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Accounting, Financial Planning

Accountants consolidate their standing

accountants ethical

Australians still regard accountants as the most ethical and honest finance-related practitioners.

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Residential Property, Superannuation

Investment platform moves into property

RAIZ residential property

A mobile device-based investment platform has expanded into property after purchasing a small-scale super fund specialising in residential property.

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Pensions, Tax

Pension-phase CGT issue clarified

pension phase CGT

The ATO has clarified how the rules that govern non-arm’s-length capital gains tax triggered by assets used to support an income stream will apply.

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Auditing, Contributions

Auditors must vet downsizer contributions

auditors downsizer contributions

Auditors should examine downsizer contributions to ensure they are made correctly, with the ATO issuing guidance about what will trigger a contravention report.

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