News

ATO, Investments

ATO letters a wider SMSF warning

ATO letters warning SMSF

Letters sent by the ATO to nearly 18,000 SMSFs may serve as a warning to a far greater number of funds with similar strategies, an SMSF expert has claimed.

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Superannuation

Abbott reboots SMSF Party plans

Grant Abbott SMSF Party

SMSF expert Grant Abbott will re-register his political party which aims to represent the interests of self funded retirees, SMSF members and trustees.

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Compliance

Trustee confusion over downsizer age

Trustee confusion over downsizer age

An industry administrator and educator has revealed many SMSF trustees remain unclear about the age constraints contained in the superannuation downsizer contribution rules.

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Documentation, Superannuation

Corporate trustee needs standalone company

SMSF corporate trustee

SMSFs looking to set-up a corporate trustee should use dedicated companies for the task as pre-existing vehicles may breach the law.

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Financial Planning, Investments

Outsourcing clients’ investment selection on the rise

Outsourcing clients’ investment selection on the rise

Financial planners are losing confidence in the domestic stock market and moving away from being directly involved in selecting investments for clients, according to a recent industry report.

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Compliance, Documentation

Documentation leading cause of compliance failure

trustees documentation compliance

Documentation compliance continues to be a key issue for SMSFs with many trustees ignorant of their obligations and requiring adviser assistance to educate them.

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LRBA

LRBA treatment dependent on member’s circumstance

LRBA total super balance

The extent to which the outstanding balance of a limited recourse borrowing arrangement will affect a member’s total super balance is determined by the individual member’s circumstances, according to an SMSF service provider.

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Superannuation

Travelling trustees still had “Australian” super fund

SMSF members overseas

A recent ATO private binding ruling has found an SMSF to be an Australian super fund despite its members spending a significant amount of the income year overseas.

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ATO, Investments

ATO letters’ impact already evident

ATO letters’ impact already evident

A specialist document provider has revealed many trustees have already been reassessing their investment strategies as a result of the ATO’s letter querying the investment strategy of 17,700 SMSFs invested in a single asset or asset class.

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ATO, Pensions

ECPI discretion success has several elements

ECPI discretion success has several elements

A successful application for ATO discretion to claim exempt current pension income usually involves some common elements, a technical manager has said.

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