News

Details key to overseas super transfer

June 13, 2024

Overseas transfer James Came AAT ATO Strayon Superannuation Fund Pension balance

The AAT has ruled the steps required to transfer offshore pension balances to local super funds must be considered regarding the money’s tax treatment.

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Pensions

Missed pension exemption unfair to couples

SMSF Minimum pension payment shortfall ATO exemption Concession Graeme Colley

June 13, 2024

Jason Spits

An ATO concession allowing a missed pension payment to be made later without impacting the income stream is limited in its usage and unfair to couples who make the mistake together.

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Administration, ATO, Compliance, Regulation, SMSF

Active member test hinges on contributions

Active member test Contribution SMSF Residency ATO PBR

June 13, 2024

Todd Wills

An SMSF can still meet the active member test if a trustee leaves Australia for an extended period, but the fund’s complying status will depend on contributions made during that time.

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ETFs, Investments

BlackRock launches Aust Government Bond ETF

Blackrock Australia ETF iShares 15+ Year Australian Government Bond ETF

June 13, 2024

Jason Spits

BlackRock has added a new government bond ETF to its product range, pushing the total number of funds available in Australia past 50.

Retirement work hours are strict

Definition of retirement Work SMSF Condition of release

June 12, 2024

Darin Tyson-Chan

The maximum number of hours associated with retirement status is a strict measure applied per week and not over a longer period of time.

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Compliance, Regulation, SMSF

Stamp duty waiver needs legal counsel

Stamp duty exemption concessiobn SMSF Property transfer Division 296 tax

June 12, 2024

Todd Wills

SMSF practitioners could face potential legal action if they incorrectly advise clients on stamp duty exemptions when transferring assets from a fund.

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SMSF

Zero balance at closure unnecessary

June 12, 2024

Jason Spits

SMSF practitioners who insist a fund should have a zero balance at wind-up may be creating unnecessary tax issues at the last stage of it closure.

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ETFs, Investments

Lazard launches first Australian ETF

June 12, 2024

Todd Wills

Lazard Wealth Management has introduced its first Australian market ETF based on its established Global Listed Infrastructure Fund.

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financial advice, Regulation

Call to change GST rebates for advice

June 11, 2024

Darin Tyson-Chan

A legal revision is being sought to allow super funds and platforms to continue the practice of claiming a rebate for GST charged on advice fees.

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Administration, ATO, SMSF

Avoid copycat SMSF names

ATO SMSF Name Super Fund Lookup ABN Establishment

June 11, 2024

Jason Spits

The ATO has advised the name given to an SMSF should be sufficiently different from that of any other super fund to avoid delays in its establishment and operation.

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