News

ATO, Tax

ATO confirms conciliatory TBAR approach

Silhouette of helping hand between two climbers representing ATO helping SMSFs

Late TBAR lodgement is currently being treated from an educational and supportive perspective by the ATO.

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ATO, Tax

June 2019 creates contribution allocation trap

SMSF contributions for the 2019 financial year should be made as early as possible to avoid allocation errors that may result from a calendar oddity, according to a sector expert.

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Auditing, Documentation

Lack of details creating related-party concerns

SMSFs need to provide as many details as possible on related-party transactions to avoid problems during a fund audit.

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Superannuation, Tax

Franking credits feature in first election debate

Tax refund, SMSF, franking credit,

The Prime Minister and opposition leader traded barbs over franking credits but neither gave ground on the issue during the first televised election debate.

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ATO

Money transfer crucial to SMSF loans

In order for the ATO to properly recognise a related-party loan arrangement involving an SMSF, a money transfer has to take place, a specialist legal firm has said.

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Accounting

Countplus acquires big stake in accounting firm

Countplus has made its second acquisition this year, taking a stake in the accounting and financial advice business of a Melbourne-based firm.

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Investments, Tax

Indirect effects of franking credit plan also critical

SMSF, trustees, franking credits, AMP Capital

The indirect effects of Labor’s proposed franking credit policy may be as significant as its immediate impact, a large financial services firm has warned.

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Retirement, Superannuation

Workers still not hitting self-funded benchmark

An annual survey has shown more people are heading into retirement without sufficient assets to be self-funded and will be forced to rely on government benefits.

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Appointments

SMSF Association board expands with two new appointments

The SMSF Association has appointed Tracey Scotchbrook and Michael Houlihan as new board members in direct response to the expressions of interest called for late last year.

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Superannuation, Tax

Balance limits a solution to franking credit issue

SMSF balances, franking credits, refunds, trustees

Limits on the size of SMSF balances, and grandfathered changes to franking credit refunds, would reduce high levels of refunds without hurting smaller trustees.

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