News

Strategy, Superannuation

Fund balance questions overlook pooling advantage

Small wooden figures illustrating a pool of people and fund balances in an SMSF

Concerns about member balances in SMSFs overlook the fact many funds are set up with multiple members boosting the fund balance, according to Class Super.

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ATO, Auditing

ATO outlines auditor checklist to cut re-reporting

The ATO has provided a checklist for auditors to reduce the level of re-reporting linked with transfer balance caps.

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Estate Planning, Superannuation

Court rules on injured child BDBN

A recent court ruling conferred power to an incapacitated child’s mother, authorising her to implement a binding death benefit nomination with regard to the child’s superannuation benefits.

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Strategy

Corporate trustee not foolproof

Sign reading caution as warning on use of corporate trustee stuctures in SMSFs

Significant events such as having a fund member die can highlight the flaws contained within a corporate SMSF trustee structure, according to an industry strategy specialist.

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LRBA, Tax

LRBA benchmark failures will create NALI dangers

Out of date LRBA loan rates may result in an SMSF being considered as receiving non-arms length income and taxed accordingly by the ATO.

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ATO, Cryptocurrency

ATO to review SMSF cryptocurrency purchases

The ATO has started reviewing transaction data to ensure SMSFs who invest in cryptocurrency are complying with their tax obligations.

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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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