News

Documentation

Backdating concerns may be unfounded

SMSF document backdating

Advisers may be too concerned about backdating and being in breach of the Financial Adviser Standards and Ethics Authority’s Code of Ethics, an SMSF technical expert says.

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Insurance

Correct insurance transfers a must

SMSF life insurance transfer

Any transfers of risk insurance from an individual to an SMSF must be legitimate due to the severity of penalties resulting from breaches related to these transactions.

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Superannuation

Senate committee green-lights expanded funds

six members SMSFs

A Senate committee has recommended SMSFs be allowed to accommodate six members, but dissenting senators called for greater regulation around SMSF advice.

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Accounting, Tax

Accounting method not Part IVA

Accounting method Part IVA

A technical manager has allayed adviser fears over the use of tax-effect accounting in an SMSF being captured under Part IVA provisions of the Income Tax Assessment Act.

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ATO, Compliance

Proactive measures will appeal to ATO

proactive SMSF trustee

A willingness to self-correct SMSF trustee breaches, alongside a clean track record, will be well regarded by the ATO, an SMSF legal firm has advised.

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Retirement

Rate cut punishes self-funded retirees

interest rate retirees

The most recent interest rate cut will impact self-funded retirees through lower investment returns, while saddling them with a deeming rate that remains too high.

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Strategy

Don’t view indexation by itself

indexation SMSF contribution strategies

A technical manager has cautioned SMSF advisers and their clients not to consider indexation exclusively when formulating contribution strategies.

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FASEA

Submissions show FASEA conflicts push back

Recently released submissions to FASEA show concerns about conflicts of interest standards were presented to the authority more than a year ago.

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LRBA

Loan relief extended for SMSFs with LRBAs

Loan relief SMSFs

The six-month loan relief period provided to SMSFs by related-party lenders in line with the Australian Banking Association’s commercial loan COVID-19 relief criteria has been extended by four months.

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Documentation

New accounts time frames may spark document backdating

records time frame backdating

A Treasury proposal to impose a set time for the preparation of SMSF accounts may lead to funds backdating records to meet the deadline.

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