News

Superannuation

Super contributions paperwork needs attention

Personal contributions

A technical manager has warned people to make sure all of the necessary documentation is provided on time if they are looking to claim a tax deduction for personal super contributions.

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Pensions, Superannuation

SMSFA seeks drawdown cut

pension drawdown

The SMSF Association has asked the government to reduce minimum drawdown amounts from superannuation in response to COVID-19’s impact on financial markets.

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Accounting

LRBA and property development not a good mix

LRBA property development

A close reading of recent ATO comments about property development within an SMSF using an LRBA indicates it should be avoided at all costs.

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Superannuation

Work test caution needed regarding leave

superannuation work test

Certain employment leave may be used as a component to satisfy the work test allowing people aged 65 or over to make superannuation contributions, a technical manager has said.

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FASEA

FASEA cancels face-to-face April exam

FASEA April exam

FASEA has cancelled face-to-face sittings of its April exam and replaced them with remote online options to allow advisers to meet the deadline for complying with their education requirements.

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Superannuation

Coronavirus relief may come from super

coronavirus superannuation

Financial relief from the effects of the coronavirus may be available through the legal early access of superannuation benefits, an SMSF strategist has said.

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Estate Planning, Superannuation

Legal disputes point back to paperwork

legal disputes superannuation documentation

Legal disputes around superannuation in a deceased estate have centred on the quality of the documentation, forcing advisers to pay attention to the mistakes that were made.

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Accounting, Administration

Accountants’ focus should not be admin

SMSF administration

Providing the SMSF administration function should no longer be a focus for accountants, a senior sector executive has said.

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ATO

ATO glitch hits contribution amendments

ATO system contributions

The ATO has flagged a system issue impacting amendments to notional taxed contributions and defined benefit contributions for some defined benefit members.

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Cryptocurrency

Crypto needs specific focus

Cryptocurrency investment

Cryptocurrency investments require specific treatment in an SMSF investment strategy, a specialist auditor has said.

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