News

ATO

ATO discretion a compensation fix

compensation ATO

Financial services firms are making compensation payments to SMSFs even where no dispute exists and funds should inform the ATO to ensure no cap breaches occur.

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Regulation, Retirement

SMSFs get retirement income covenant bypass

retirement income covenant

SMSFs will not be bound by the proposed legislation requiring superannuation fund trustees to formulate a retirement income strategy for members.

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Retirement

COVID-19 impacts retirement plans

retirement COVID-19

Investor research has shown Australians have changed their attitudes towards retirement as a result of the coronavirus pandemic.

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Superannuation

Director IDs create time pressure

SMSF directors

The directors of a corporate SMSF may find they have different time frames to apply for a director identification number dependent on when they first registered as a director.

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Superannuation

Bank statement can’t provide strategy order

SMSF bank statement

Transaction narratives appearing on an SMSF bank statement have no relevance in determining which member account a withdrawal is applied against.

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ATO

ATO extends COVID-19 relief measures

ATO COVID-19 relief

The ATO has extended the COVID-19 compliance relief measures, confirming they will apply to SMSFs for the 2022 financial year as well.

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ATO

ATO can monitor work test

ATO work test

The ATO has the ability to determine if people over the age of 66 who have made personal super contributions have satisfied the required work test.

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Regulation, Superannuation

Choice rules can bypass stapled fund delays

choice stapled fund

SMSF members can use choice of fund rules to bypass delays that might prevent their fund being nominated under stapled fund rules starting in November.

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Investments, Technology

Social media stock strategies may breach law

social media stock

ASIC has warned market manipulation tactics on social media platforms to coordinate ‘pump and dump’ activity in listed stocks can be considered illegal trading activity.

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ATO

All valuation factors hard to assess

asset valuation

A fair and reasonable asset valuation, as required by the ATO, may be difficult to prove to the extent required in new guidance.

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