News

Auditing, SMSF

Document long-standing audit relationships

SMSF auditors Independence Self-managed superannuation The Auditors Institute Steven Russo

Long-standing SMSF audit arrangements should be routinely examined to ensure they do not hamper a practitioner’s independence and documented to prove their suitability.

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Pensions, SMSF, Superannuation

Terminal illness withdrawal choice crucial

Terminal medical condition Pension Lump sum Heffron Sean Johnston

Choosing how to access superannuation entitlements is a crucial consideration for terminally ill SMSF trustees as it can greatly impact the tax they will have to pay.

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Investments, Property, SMSF

Key risk and return questions for private credit

Zagga Private credit Alan Greenstein Mortgage security

There are some critical elements relating to private credit investments that need to be known to ensure the expected return outcomes eventuate.

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ATO, SMSF, Tax

Deeming rate acceptable for Div 296

SMSF Association Division 296 Peter Burgess Earnings calculation Proxy Deeming rate 90 day bank bill rate

The use of a deeming rate as a proxy for actual taxable earnings when calculating the Division 296 tax is acceptable to the SMSF Association, which stated it was better than the proposed model.

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Estate Planning, SMSF

Capacity doubts now more common

Mental capacity SMSF Self-managed superannuation fund Cooper Grace Ward Scott-Hay Bartlem Estate planning

Practitioners have to address a client’s capacity in all SMSF estate planning actions as the issue is becoming more common in death benefit disputes.

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AAT, ATO, Regulation, SMSF

AAT rejects trustee disqualification appeal

Administrative Appeals Tribunal AAT ATO SMSF Self-managed superannuation fund Disqualification SIS Act Coronica and Commissioner of Taxation [2024] Superannuation Industry (Supervision) (SIS) Act

A banned SMSF trustee has failed to have his disqualification overturned, with the AAT stating the breaches he committed were too numerous and serious to disregard.

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ASIC, financial advice, Regulation

NSW adviser banned over conflicts of interest

ASIC Australian Securities and Investments Commission Trust SMSF Self-managed superannuation fund Australian financial services licence Christopher Edward Luff

A NSW adviser who offered an investment trust product to clients within an SMSF has been banned for not acting in their best interest and for providing inappropriate advice.

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ATO, Compliance, ECPI, Tax

Avoid ECPI Div 296 exploits

ECPI exempt current pension income Division 296 tax Total superannuation balance TSB

SMSFs should avoid strategies that exploit the tax-free aspects of the ECPI rules to sidestep potential Division 296 tax liabilities as they are readily identifiable as avoidance schemes.

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ATO, Compliance, SMSF

Early access treatment key to ATO actions

ATO Illegal early access Peter Bobbin SMSF Association Technical Summit Loans SMSF Self-managed superannuation

The illegal early access of benefits can be treated in a different factual manner to produce a better compliance outcome for the trustees involved.

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Administration, ATO, Regulation, Tax

SMSFs still eligible for GST rebate

GST SMSF Heffron ATO Self-managed super Reduced input tax credits

SMSFs may still be able to claim a rebate for the GST charged on financial advice fees from 1 July 2024.

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