News

Superannuation, Technology

SuperStream assistance will pay off in future

Superstream rollovers

SMSF practitioners should take a proactive approach to ensuring clients’ funds are ready for the SuperStream system, particularly if fund rollovers are likely to happen in the near future.

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Tax

Family allowance a tax win in death

family allowance tax benefit

The establishment of a family allowance arrangement can result in a better tax outcome for the recipients of an SMSF death benefit.

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Documentation, Financial Planning

Specialist advice can create defence shield

Specialist smsf advice shield

Specialist SMSF advice can act as a defence against claims a trustee has breached their obligations, but only where that advice is appropriate and relevant.

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Auditing

ATO guide hits SMSF specialists

audit fee dependency SMSF

The ATO’s audit fee dependency benchmark could give larger accounting firms an advantage over specialist SMSF audit firms.

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Pensions

Drawdown path important in bankruptcy

SMSF drawdown bankruptcy

Advisers should be aware the drawdown method used by an individual can influence how effective an asset protection vehicle an SMSF can be in the event of a member being declared bankrupt.

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LRBA

LRBA instrument opens door to master funds

master LRBA

Changes to LRBA regulations have opened the door to the creation of master funds with more than one borrowing arrangement.

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LRBA

Division 7A loan relief on offer

Division 7A loan relief

The ATO has outlined the conditions under which it will offer administrative relief for SMSFs with LRBAs where a Division 7A loan is in place.

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Documentation, Superannuation

New rollover verification for APRA funds

rollover verification APRA SMSF

APRA-regulated funds dealing with a rollover to an SMSF will be required to use a new ATO verification service that came online this month.

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Tax

NALE no-action period extended

NALE ATO no-action

The ATO will not take action in regards to non-arm’s-length expenses for another year, but has yet to decide on a final position on the matter.

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Documentation

TBA source of truth not myGov

TBA indexation

A recent poll has shown the majority of practitioners will not be using the myGov portal as their main source of truth when monitoring client transfer balance accounts post indexation.

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