News

Superannuation

Coronavirus relief may come from super

coronavirus superannuation

Financial relief from the effects of the coronavirus may be available through the legal early access of superannuation benefits, an SMSF strategist has said.

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Estate Planning, Superannuation

Legal disputes point back to paperwork

legal disputes superannuation documentation

Legal disputes around superannuation in a deceased estate have centred on the quality of the documentation, forcing advisers to pay attention to the mistakes that were made.

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Accounting, Administration

Accountants’ focus should not be admin

SMSF administration

Providing the SMSF administration function should no longer be a focus for accountants, a senior sector executive has said.

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ATO

ATO glitch hits contribution amendments

ATO system contributions

The ATO has flagged a system issue impacting amendments to notional taxed contributions and defined benefit contributions for some defined benefit members.

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Cryptocurrency

Crypto needs specific focus

Cryptocurrency investment

Cryptocurrency investments require specific treatment in an SMSF investment strategy, a specialist auditor has said.

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ATO, Property

ATO flags in-house asset exception concerns

SMSF property development

Trustees need to understand the key conditions for meeting the in-house asset exception before using ungeared related companies or unit trusts to invest in property development via their SMSF.

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Retirement, Strategy

TRIS strategy still has role to play

TRIS strategy

Changes to the tax treatment of transition-to-retirement income streams have not diminished their usefulness for some pre-retirement clients.

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Retirement

How about stimulus for self-funded retirees?

Coronavirus stimulus

The federal government needs to include self-funded retirees in its coronavirus stimulus measures.

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Estate Planning, Pensions

Set model no BDBN tension fix

BDBN priority

A prescribed model on how to deal with binding death benefit nominations and reversionary pensions was unlikely due to a lack of agreement on their operation inside an SMSF.

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Accounting

Carry-forward rules a splitting boost

Carry forward contribution splitting

The new rules regarding carry forward concessional contributions can augment contribution splitting strategies from the current financial year onwards.

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