News

NALI/NALE, Tax

Capital losses can offset NALI liability

Non-arm's length income NALI Capital loss Capital gains tax TD 2024/5 SMSF Self-managed superannuation

Analysis of ATO guidance has identified how an SMSF could potentially use significant capital losses to reduce a NALI tax liability.

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Legislation, Superannuation, Tax

Use $3m tax to boost low balances

Division 296 tax LISTO Low income superannuation tax offset Deeming rate ASFA Association of Superannuation Funds of Australia

ASFA has called for some of the revenue to come from the proposed Division 296 tax to be used to boost the super balances of low-income earners.

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financial advice

Inquiry needed into actions of Dixon owners

Financial Advice Association Australia FAAA Phil Anderson Dixon Advisory, Compensation Scheme of Last Resort CSLR E&P Financial Group Evans & Partners

The FAAA has questioned how the parent company of Dixon Advisory was able to abandon it without penalty and is now operating a new firm with many of the same staff and clients.

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SMSF, Tax

Don’t confuse Div 296 calculations

SMSF Association Peter Burgess Tech Summit 2024 Division 296 Self-managed superannuation Total super balance TSB earnings

SMSF advisers and trustees should look closely at how the Division 296 tax calculations work as any confusion may result in them not using withdrawals to manage the impost’s impact.

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Financial Planning, Retirement, Superannuation

Life expectancy tables imperfect

Longevity risk Median expectancy tables Median age IFPA

It is not sound practice for advisers to rely almost solely on ABS life expectancy tables to manage a longevity risk due to the data involved.

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Compliance, Legislation, Regulation, Tax

Tax agent code change consultation opens

Consultation Tax agent Tax Practitioners Board TPB SMSF Association Tax Agent Services (Code of Professional Conduct) Determination 2024 Code of conduct

Consultation on changes to the code of conduct for tax agents has opened, with the TPB looking to have finalised guidance released by November.

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Death benefits, Legislation, Superannuation

Super bodies push for death benefit reform

Superannuation death benefit payments Violence Superannuation Industry (Supervision) Act Forfeiture rule ASFA Death benefits Forfeiture rule

A coalition of superannuation bodies has called for perpetrators of violence to be prevented from claiming their victim’s super benefits.

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Retirement, Superannuation

Engagement fuels retirement confidence

Engagement Retirement Confidence AustralianSuper Report Cost of living

Early engagement, planning and preparation are key factors in boosting Australians’ confidence that they will retire comfortably.

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Legislation, NALI/NALE, SMSFA

NALE laws create new cap

NALE NALC non-arm’s-length component non-arm’s-length expenditure SMSF Association Peter Burgess Taxable income Superannuation guarantee

The NALE laws have introduced a new cap that limits the application of penalties to ensure they do not exceed an SMSF’s taxable income.

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Administration, Compliance, Contributions, Superannuation

Terminal illness rollover timing key

Rollover Terminal illness Condition of release ATO Contribution SMSF Self-managed superannuation

SMSF trustees diagnosed with a terminal illness can roll over their retirement savings to another fund, but a specific process must be followed to avoid adverse consequences.

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