News

Contributions

Contributions reopen for back-burner clients

contributions strategies

SMSF clients with stalled contribution strategies may be able to complete those in the new financial year under pending changes resulting from indexation.

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ATO, Investments

AAT decision highlights ATO strategy focus

SMSF investments ATO audit

A failed court appeal has revealed the ATO’s ongoing focus on investment strategies and ensuring transactions meet the requirements of super legislation.

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Pensions

SIS Regs have child pension priority

SIS child pension

Complying with the requirements of the SIS Regulations is the most important aspect when setting up a death benefit to be paid via a child pension.

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Contributions

Bring-forward pause opens contribution window

bring-forward contribution

Indexation of the transfer balance cap can boost a bring-forward strategy by increasing the level of a contribution that can be added to an SMSF.

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Residential Property

Islamic finance firm opens residential funds

Islamic finance residential

SMSFs have been given another avenue to invest in residential property via two Islamic finance group funds focused on capital growth and rental income.

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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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