News

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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Accounting, Financial Planning

Accountants’ exemption return rejected

Accountants’ exemption return rejected

Two major professional accounting bodies have expressed their concern regarding the reintroduction of the accountants’ exemption as part of their joint submission to the Treasury’s review of the Tax Practitioners Board.

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LRBA

SMSFs in ATO probe used LRBAs

ATO letters LRBA

The SMSFs contacted by the ATO as part of its inquiry into fund investment strategies used an LRBA to acquire their asset or asset class, the regulator reveals.

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Regulation

ATO gets tough on annual return lodgement

Late lodgments of SMSF annual returns from 1 October will impact on funds’ complying status, the ATO has warned.

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Compliance

Market value substitution rules not a NALI pardon

A technical expert has warned the amendments to the non-arm’s-length income rules will still apply to an SMSF that has implemented the market value substitution measures as defined in the Income Tax Assessment Act 1997.

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Business News

DomaCom capital raising to generate $6m

The most recent share placement activity undertaken by fractional property investment manager DomaCom is anticipated to raise $6 million.

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Regulation, Tax

Accountants split on tax advice oversight

Accountants split on planner tax advice oversight

Accounting and tax bodies have taken a number of differing stances on which regulator should oversee tax advice provided by financial planners, with one calling for no regulation at all.

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Compliance

NCC cap triggers common error

NCC cap triggers common error

An SMSF expert has identified a common misconception regarding the non-concessional contributions cap and its effect on the treatment of limit breaches.

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