News

NALI/NALE, Tax

Fund income can reduce NALE hit

NALE Non-arm's length expenditure Taxable income

SMSF practitioners looking at how to apply the new NALE rules should keep in mind the level of taxable income in a fund can reduce the impact of any tax penalties.

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ETFs, Investments

Betashares unveils hedged S&P 500 ETF

Betashares ETF Exchange traded fund Betashares S&P 500 Equal Weight Currency Hedged ETF Alex Vynokur

Betashares has added a currency-hedged version of its S&P 500 Equal Weight ETF to its suite of fund offerings, increasing the number of its currency-hedged investment vehicles to 23.

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Education, Regulation, SMSF

Client aids for regulations wanted

Investment Trends SMSF Self-managed superannuation Regulatory changes Educational content

Practitioners would like more educational material on regulatory changes and industry developments to allow them to service SMSF clients better.

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Auditing, Compliance, Property, SMSF

Overseas property carries audit risk

SMSF auditors should always signal to the ATO their concerns over funds invested in overseas property which cannot provide suitable ownership data each year.

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Retirement, SMSF, Superannuation

Leave payments may block super release

MLC TechConnect Julie Steed Superannuation Definition of Retirement Termination of employment

SMSF members ending work may not be retired from a super standpoint if they continue to receive any form of employer payments, which may restrict access to their savings.

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AAT, Compliance, Regulation, SMSF

Case alters financial assistance view

Superannuation (Industry) Supervision (SIS) Act. AAT Merchant vs Commissioner [2024] ATO SMSF Self-managed superannuation Financial assistance Section 65

An SMSF may be at risk of breaching the SIS Act if it provides financial assistance to related parties, even when conducting seemingly standard transactions.

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Compliance, Regulation, Tax

Rapid changes to tax agent code concerning

SMSF Assocation Chartered Accountants Australia and New Zealand Tax Practitioners Board determination Code of Professional Conduct Tax agents

Government measures that expand the code of conduct for tax agents will be difficult to implement and are being introduced with no consultation, raising concerns for industry bodies.

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Accounting

BDO signs on with SuperMate

SuperConcepts SuperMate BDO Partnership Paul Rafton Andy Forbes

Accounting and advisory firm BDO will use the SuperMate platform to manage its client SMSFs under a new partnership agreement.

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