News

Death benefits, Estate Planning

Death benefits to estate can help keep assets

IFPA super death benefit estate planning SMSF tax

Paying a super death benefit to a member’s estate can reduce the tax bill a beneficiary may receive and assist them in retaining specific assets from the fund.

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LRBA

Marginal rise for safe harbour rates

LRBA Related-party loans Interest rates

The safe harbour interest rates for related-party loans under an LRBA have increased slightly for the next financial year, avoiding the sharp rise of 12 months ago.

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financial advice, SMSFA

Adviser references need specificity

Licensed advisers SMSF Association Unlicensed operators Advisers

A call has been made for financial services stakeholders to properly acknowledge the difference between licensed advisers and illegal operators.

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Administration, Death benefits, SMSF

Ready fix for benefit payment issue

Member benefit payment Death benefit In-specie transfer

A particular strategy can ensure a member benefit payment will be treated as such even when the relevant person dies before the transaction is completed.

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Accounting, Documentation, SMSF, Tax

Confusion over super tax reporting

Annual return SMSF Untaxed Tax-free Accounting

Misunderstanding the difference between taxable and tax-free components of superannuation benefits is causing some accountants to file incorrect annual returns for their clients.

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Death benefits, Estate Planning

Estate useful for directing super benefits

superannuation Death benefits Estate Institute of Financial Professionals Australia IFPA Natasha Panagis SMSF Self-managed super

A deceased estate can be a useful place to send super death benefits as it can provide wider options for distribution to beneficiaries than that allowed under the SIS Act.

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Contributions, SMSF, Strategy, Tax

A real opportunity to maximise tax deductions

SMSF Contribution reserving Double deduction strategy

The 2024 income year is offering up a good opportunity for SMSF members to enjoy a significant tax benefit from contributing to their fund.

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Administration, Contributions, SMSF

Coordination key to EOFY strategy

Communication SMSF Contribution reserving strategy Practitioners SMSF Professionals Day 2024

Efficient and effective communication and coordination between different practitioners is necessary when employing a contribution reserving strategy.

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Crypto Assets, Cryptocurrency, SMSF

New funds keen on crypto and cash

The trustees of new SMSFs have shown a preference for cryptocurrency and cash at higher rates than established funds.

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Contributions, SMSF, Tax

Post-death contribution deductibility confirmed

Personal contribution Tax deductibility ATO TR 2010/1 SMSF

Legal representatives of a deceased SMSF trustee can claim a tax deduction for contributions made by the member before their death.

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