News

Tax

Family allowance a tax win in death

March 30, 2021

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

March 30, 2021

Jason Spits

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

March 29, 2021

Tharshini Ashokan

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

March 29, 2021

Darin Tyson-Chan

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

March 29, 2021

Jason Spits

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

March 29, 2021

Jason Spits

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

March 29, 2021

Jason Spits

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

March 25, 2021

Jason Spits

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

March 25, 2021

Darin Tyson-Chan

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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ATO, Auditing

SAN misuse reporting at new high

March 25, 2021

Jason Spits

Auditors have responded positively to an ATO call for data regarding SMSF auditor number misuse, providing more insight into errors related to the annual audit process.

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