News

Merging pensions creates larger target

March 24, 2025

transfer balance account report, TBAR, ATO, ECPI, DBA Lawyers, Bryce Figot, pension,

Merging multiple pensions within an SMSF is a difficult process and removes the ability to minimise tax when minimum payment standards are not met.

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Auditing

ACR instructions amended

ACR, valuations. ATO, Auditor Contravention Reports,

March 24, 2025

Darin Tyson-Chan

The auditor contravention report instructions have been updated, with the ATO making specific changes to three operational areas.

SOAs to go under further DBFO reform

Delivering Better Financial Outcomes, DBFO, Stephen Jones, Treasury, Federal Election, Parliament, Client Advice Record,

March 24, 2025

Jason Spits

The statement of advice may soon be replaced with a client advice record under the next stage of the government’s advice reform package.

Advice can offset retiree stress

March 24, 2025

Lara Caughey

Many Australians are concerned about their finances in retirement, but access to advice is available to many of them and they should seek it as soon as possible.

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Contributions

Work test has prior-year relevance

March 20, 2025

Darin Tyson-Chan

The work test is not just relevant for the financial year in which it applies to an SMSF member wanting to make a personal deductible contribution.

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ECPI

Don’t overlook tax in ECPI timing

March 20, 2025

Jason Spits

Making a contribution late in the year to maximise ECPI may not be the best strategy when an SMSF member takes a tax hit while waiting to contribute those funds.

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Compliance, SMSF, Trusts

Multi-fund trustees are dangerous

SMSF corporate trustee, compliance failures, Heffron, Sean Johnston, multiple funds, SIS Act, sole purpose trustee, Annie Dawson, ATO

March 20, 2025

Jason Spits

While SMSF trustees have been warned not to use any company structure for a corporate trustee, that caution also should extend to how many funds are covered by a single trustee vehicle.

Debt-free retirement an advice opportunity

Financial advice to reduce mortgage advice will become increasingly crucial as more people carry debt into retirement.

March 20, 2025

Lara Caughey

Financial advice to reduce mortgage advice will become increasingly crucial as more people carry debt into retirement.

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Contributions

Third-party contributions delicate

March 19, 2025

Darin Tyson-Chan

Contributions to an SMSF deemed to be made on behalf of a member by another party will count towards that person’s concessional cap.

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Pensions, Tax

Consider tax in indexation planning

Pension, transfer balance cap, indexation, SMSF, capital gains tax, Smarter SMSF, Tim Miller, pension commencement, SuperGuardian, exempt current pension income, ECPI, disregarded small fund assets, CGT, capital gains tax

March 19, 2025

Jason Spits

Waiting for the indexation of the general transfer balance cap in July to start a pension may not be suitable for SMSF members staring down a large tax bill before the end of the financial year.

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