News

AFCA, Regulation, SMSFA

Govt should pay all Dixon claims

SMSF Association Dixon Advisory Compensation Scheme of Last Resort Peter Burgess

The government should recommit to funding all compensation claims related to Dixon Advisory to remove the unfair financial burden they will place on advisers.

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Accounting, Superannuation

Money paid doesn’t define tax dependant

tax dependant ATO private binding ruling superannuation death benefit Adviser Digest Peter Johnson

An individual will not be considered a tax dependant on the basis that a super member has paid money to them for financial support.

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Legislation, Regulation, Retirement

Simple retirement contributions reform needed

Retiree Super Members Council Contribution

The government should remove the rule that requires retirees to open a new accumulation-phase super fund for contributions if they decide to engage in part-time work.

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Contributions, SMSF, Superannuation, Tax

Retirement savings, tax lead client concerns

superannuation contribution caps Division 296 tax retirement savings SMSF BT Technical Services Bryan Ashenden

Increasing retirement savings and tax management strategies will be key concerns for advisers and their clients in the next financial year.

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Insurance, SMSF

Insurance strategy tax effect wide

Life insurance SMSF Tax deduction SMSF Professionals Day 2024 Accurium Anthony Cullen

The tax implications of deciding to hold life insurance inside an SMSF extend beyond the deductibility of the premiums paid for the cover.

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SMSF, Superannuation, Tax

Don’t mistake Div 296 action date

Division 296 tax SMSF total super balance $3 million MLC Julie Steed

SMSFs should not confuse when they need to act to sidestep the impact of the proposed Division 296 tax, with the critical date occurring not in 2025, but in 2026.

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Compliance, Pensions, SMSF

Lumpy assets require regular valuation

SMSF asset valuation large assets lumpy assets Pension standards Minimum pension payments Heffron Lyn Formica

Regular valuations for large assets in an SMSF are vital in order to comply with the pension standards and the minimum payment requirement.

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Retirement

Retirees cautious about helping children

Retiree Children Financial hardship AMP retirement lifestyle downsize

Many retirees want to help their children deal with financial challenges, but are unwilling to trade off their own financial security to do so.

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Administration, Compliance, Regulation, Superannuation

Pre-bankruptcy transfers unprotected

Bankruptcy Superannuation transfers Federal Court Kirk as trustee of the Property of Smith (a Bankrupt) v Smith [2024] Creditors

Superannuation balances transferred prior to a declaration of bankruptcy will not protect those assets from the claims of creditors.

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ATO, Compliance, Contributions, SMSF

Deduction notice reminder issued

ATO SMSF Contribution deductions Notice of intent

The ATO has reminded SMSF members they cannot claim a deduction for personal contributions without informing their fund, which must acknowledge the course of action.

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