News

Superannuation, Tax

Deed change deductions not equal

SMSF deed deductions

Tax deductions for a change to an SMSF trust deed are based on the impact on the operation of the fund and so not applied across the board.

read more
Contributions

Shift super caps from annual to lifetime

lifetime superannuation caps

Superannuation contribution caps should be shifted from an annual to lifetime basis to better recognise contribution patterns and reduce costs and complexity.

read more
Pensions

Accumulation-phase death benefit fix possible

accumulation death benefit

An SMSF expert has provided solutions to ensure a death benefit paid during the accumulation phase is not excessively impacted by tax.

read more
ATO, Tax

Deductibility of LRBA costs limited

SMSF LRBA deductions

Limits apply to the tax deductibility of expenses related to setting up an LRBA, with the ATO viewing legal advice as outside the deduction provisions.

read more
ATO

ATO performance calculation change welcomed

ATO SMSF performance

The ATO’s decision to alter its SMSF investment performance calculation method to align with that used by APRA-regulated funds has been welcomed by the SMSF Association.

read more
Documentation

Conflicting documents risk avoidable

SMSF documents conflict

Corporate trustee SMSFs need to ensure there are no conflicting statements in the trust deed and company constitution to avoid issues.

read more
NALI/NALE

Rewritten NALE rules reduce impact

NALE tax institute

The Tax Institute has put forward revised NALE rules that remove the tax slug for super funds but still tackle non-arm’s-length arrangements.

read more
Pensions

ECPI calculation change gets royal assent

ECPI royal assent

SMSF trustees will be able to choose how they calculate exempt current pension income from 1 April after a new bill received royal assent.

read more
ATO

LRBA numbers remain stable

SMSFs LRBA

New ATO data shows the percentage of SMSFs holding an LRBA remained relatively stable in 2019/20 compared to 2018/19, while the level of assets held within them was unchanged.

read more
Auditing

Valuation awareness left to auditors

SMSF valuation auditors

SMSF trustees are not fully aware of new asset valuation guidelines and auditors are finding themselves having to educate them on the changes.

read more

Copyright © SMS Magazine 2025

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.