News

ATO, Auditing

Tax agents tagged in SAN misuse probe

SAN misuse tax agents

The ATO has examined more than 1000 cases of SMSF auditor number (SAN) misuse and has taken against 90 people as part of its rolling compliance efforts.

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Pensions

Pension relief better for 2020/21

pension drawdown reduction

The reduction in minimum pension drawdown amounts will have a greater impact in the next financial year, but trustees should be planning for it in the near future.

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Property, Superannuation

Downsizer contributions need own strategy

Downsizer contributions strategy

A specialist lawyer has suggested advisers need to strategise to maximise downsizer contributions if the proceeds of a property sale are under $300,000.

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LRBA

Follow-up crucial after LRBA payout

LRBA payout

The steps SMSF trustees take after their fund has paid out a limited recourse borrowing arrangement (LRBA) is crucial for a smooth audit of their fund, an audit specialist says.

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Financial Planning

More adviser communication required

financial advisers communication

Financial advisers should be ramping up their communication with clients and reassessing portfolios during this time of economic uncertainty, a senior advice executive has said.

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Administration, Superannuation

Govt introduces super, pension relief measures

superannuation pension relief

The federal government has announced it will allow early access to superannuation for people under financial stress as a result of COVID-19.

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Regulation, Superannuation

SMSFA, FSC support govt coronavirus response

SMSF Association FSC

The SMSF Association and Financial Services Council have welcomed the federal government’s latest economic support package.

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Accounting

SMSFs await relief package details

smsfs covid-19 relief

Following the federal government’s coronavirus announcements, SMSF trustees are still waiting for details on how early access will apply to them.

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Superannuation

Super contributions paperwork needs attention

Personal contributions

A technical manager has warned people to make sure all of the necessary documentation is provided on time if they are looking to claim a tax deduction for personal super contributions.

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Pensions, Superannuation

SMSFA seeks drawdown cut

pension drawdown

The SMSF Association has asked the government to reduce minimum drawdown amounts from superannuation in response to COVID-19’s impact on financial markets.

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