News

ATO, Superannuation

Few early release recontributions

early release super recontributions

The practice of accessing superannuation early under the COVID-19 relief measure and recontributing the funds back into a super fund to gain a tax benefit has not been common so far, the ATO has said.

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ASIC

Court winds up unlicensed SMSF scheme

unlicensed SMSF scheme

Three former advisers and an unlicensed SMSF scheme have been barred from taking client funds by the Federal Court following an ASIC investigation.

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Infrastructure, Investments

Call for SMSF access to infrastructure assets

infrastructure assets

The establishment of liquid investment vehicles to house infrastructure assets would give SMSFs overdue access to this asset class, the SMSFA and FSC say.

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Estate Planning, Tax

Trust change improves tax position for minors

testamentary trust death benefit

A recent change to tax law will prevent the misuse of death benefit testamentary trusts but has also clarified that minors will not be excessively taxed on income from the trust.

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Accounting, Administration

Returns still require signature

SMSF annual return

SMSF annual returns still require a signature of some sort, regardless of COVID-19 isolation practices, a technical specialist has said.

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LRBA

Disclosure critical to avoid LRBA asset trap

intermediary LRBA inhouse asset

SMSFs looking to use an intermediary LRBA must tell lenders they are using a holding trust or risk the possibility of breaching in-house asset rules.

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Regulation

Advice regulatory reform will help recovery

advice regulations COVID-19 recovery

The government should consider a more simplified regulatory framework for the financial advice industry as part of its COVID-19 economic recovery plan, the SMSF Association says.

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Education, FASEA

FASEA sets dates for final batch of exams

FASEA exam dates

Advisers will have only nine more exam periods in which to pass the FASEA exam, with six new sessions announced for 2021.

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Superannuation

Early release extended to Dec 31

superannuation early release extended

Superannuation fund members facing financial hardship have been given a longer window in which to access retirement savings under the early release scheme

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Direct Property, Property

LRBA property count now required

LRBA property count

SMSFs holding property under a limited recourse borrowing arrangement (LRBA) have a new reporting property count requirement on the 2020 annual return.

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