News

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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ATO, LRBA

ATO flags new LRBA reporting in SAR

SAR LRBA

The ATO has highlighted key updates to the 2020 SMSF annual return form, including a change to LRBA reporting requirements.

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ATO, Superannuation

Downsizer errors face penalties

ineligible downsizer contributions

Downsizer contributions made by SMSF members who are ineligible to make them could attract an ATO penalty, a technical expert has said.

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Estate Planning

Dual funds can prevent estate tensions

super estate planning

Dual superannuation funds can be used to separate assets in a blended family and to ensure benefits go where they are intended, an SMSF specialist has suggested.

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