News

Superannuation

Awareness of TBCs an adviser duty

March 24, 2022

Jason Spits

Advisers have a duty to ensure clients are under their transfer balance caps, rather than solely relying on ATO data.

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Tax

CGT small business concession win

March 24, 2022

Darin Tyson-Chan

The ability to make contributions under the CGT small business concessions has been broadened due to new legislation governing contributions.

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Auditing

Auditor portal updated, privacy warning issued

March 24, 2022

Jason Spits

The ATO has updated its online portal for SMSF auditors and reminded them the information lodged falls under privacy laws.

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NALI/NALE

NALE fix welcome but details needed

March 23, 2022

Jason Spits

Plans to ensure the NALE and NALI provisions do not have unintended consequences have been welcomed, but the outcome for SMSFs requires more detail.

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Contributions

Subtle change to NCC rules

March 23, 2022

Darin Tyson-Chan

The new contribution rules to take effect on 1 July 2022 contain a subtle difference to the current legislation requiring a work test to be satisfied.

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Investments

Unadvised SMSFs lack investment insight

March 23, 2022

Jason Spits

SMSF trustees running their own investments lack the depth of knowledge to make the best investment decisions and should steer away from do-it-yourself solutions.

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NALI/NALE

Govt to make NALE work as intended

March 22, 2022

Jason Spits

The federal government has responded to concerns about the impact of non-arm’s-length expense provisions and will move to ensure they do not go further than intended.

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ATO, LRBA