News

Accounting, Tax

Accounting method not Part IVA

Accounting method Part IVA

A technical manager has allayed adviser fears over the use of tax-effect accounting in an SMSF being captured under Part IVA provisions of the Income Tax Assessment Act.

read more
ATO, Compliance

Proactive measures will appeal to ATO

proactive SMSF trustee

A willingness to self-correct SMSF trustee breaches, alongside a clean track record, will be well regarded by the ATO, an SMSF legal firm has advised.

read more
Retirement

Rate cut punishes self-funded retirees

interest rate retirees

The most recent interest rate cut will impact self-funded retirees through lower investment returns, while saddling them with a deeming rate that remains too high.

read more
Strategy

Don’t view indexation by itself

indexation SMSF contribution strategies

A technical manager has cautioned SMSF advisers and their clients not to consider indexation exclusively when formulating contribution strategies.

read more
FASEA

Submissions show FASEA conflicts push back

Recently released submissions to FASEA show concerns about conflicts of interest standards were presented to the authority more than a year ago.

read more
LRBA

Loan relief extended for SMSFs with LRBAs

Loan relief SMSFs

The six-month loan relief period provided to SMSFs by related-party lenders in line with the Australian Banking Association’s commercial loan COVID-19 relief criteria has been extended by four months.

read more
Documentation

New accounts time frames may spark document backdating

records time frame backdating

A Treasury proposal to impose a set time for the preparation of SMSF accounts may lead to funds backdating records to meet the deadline.

read more
Pensions

Pension reserve shifts still possible

Pension reserves SMSF account

Moving pension reserves into an SMSF member’s account is still possible as long as it is allocated correctly and the cost of switching is considered.

read more
Accounting, Auditing

New standards allay accountant fears

SMSF auditor standards

The new auditor independence standards will alleviate SMSF accountants’ fears of encroaching on fund auditors’ territory and ultimately result in a better level of service for trustees.

read more
ATO, Superannuation

SG amnesty impact can be eased

SG amnesty

Super guarantee amnesty payments do not necessarily have to be recognised in the financial year in which they are received, a technical manager has said.

read more

Copyright © SMS Magazine 2025

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.