News

ATO

myGov scam targeting taxpayers

myGov scam

The ATO has warned taxpayers about a new phishing scam involving the myGov portal in the lead up to tax time.

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Tax

Indexation does not apply for DSFA

indexation DSFA

Indexation of the transfer balance cap will not affect the process that determines if an SMSF has disregarded small fund assets.

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Pensions

Prepare for pension despite uncertainty

pension drawdown

SMSF members drawing a pension should still be making plans for the next financial year, despite being uncertain as to what levels the minimum drawdown amount may be set at.

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Administration, Technology

Admin provider beefs up contributions tool

SMSF alliance contributions tool

SMSF Alliance has made changes to its contribution reporting system allowing advisers an overview of an SMSF client’s total input into their fund.

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Technology

SuperMate platform set for relaunch

SuperMate relaunch

SuperConcepts will relaunch its SuperMate SMSF administration platform with an overhaul of the functionality it provides to clients through improved use of technology.

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Documentation

Death benefit control better via will

death benefit will

SMSF members wishing to control how a death benefit will be used after their passing should look past a binding death benefit nomination and consider a trust within their will.

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Pensions, Retirement

TRIS conversion into ABP not automatic

TRIS conversion pension

An SMSF expert has reminded practitioners a transition-to-retirement income stream will not convert into an account-based pension unless an ATO-defined process occurs.

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Documentation

Splitting order documentation a must

splitting order

The procedures undertaken following a court-issued splitting order must be properly documented and a failure to do so is a breach of a trustee’s obligations.

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Contributions

Contributions reopen for back-burner clients

contributions strategies

SMSF clients with stalled contribution strategies may be able to complete those in the new financial year under pending changes resulting from indexation.

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ATO, Investments

AAT decision highlights ATO strategy focus

SMSF investments ATO audit

A failed court appeal has revealed the ATO’s ongoing focus on investment strategies and ensuring transactions meet the requirements of super legislation.

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