News

ATO, Auditing, Compliance, SMSF

Confusion over access rules evident

SMSF Loans to members Auditor Contravention Reports ATO inancial assistance

The fact loans to members is the most common compliance breach appearing in auditor contravention reports shows trustees have a misunderstanding of the super rules.

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Compliance, Property, SMSF, Tax

Incorrect loan details a stamp duty trap

SMSF Loans Property Deposit Stamp duty

Electing to pay the deposit of an SMSF property loan using an individual’s name, rather than that of the fund, could attract a stamp duty liability when the asset is transferred.

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ASIC, Property, SMSF

SMSF firm received conflicted remuneration

SMSF Real estate conflicted remuneration RM Capital The SMSF Club ASIC Federal Court

A court has found a Queensland-based SMSF advice business received conflicted remuneration when advising clients to purchase property.

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Superannuation

Super objective supported by public

objective of superannuation support FSC

There is general public support for the proposed objective of superannuation, which is currently before parliament.

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Legislation, SMSFA, Tax

Senate Div 296 report pushed back

Division 296 tax Senate Economics Legislation Committee SMSF Association

A Senate committee report examining the proposed Division 296 tax will now come out in May after being pushed back by three weeks.

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Compliance, Investments, SMSF

Verify asset location before filing SAR

Overseas assets Australian assets Investments SMSF annual return SAR

Understanding the location of an asset that is held by an SMSF is crucial for meeting the fund’s annual reporting requirements.

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Insurance, Tax

Examine TPD policy to reduce tax impact

SMSF TPD total and permanent disability insurance tax deductibility non-concessional contribution

The type of TPD cover an SMSF trustee holds and how they choose to claim on it can have significant tax implications if not managed correctly.

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LRBA, Platforms, SMSF

DASH adds SMSF features to advice platform

DASH Technology Group SMSF Advisers LRBA Platform Archer

Dash Technology Group has strengthened its adviser support platform by adding features tailored specifically for SMSF practitioners.

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ETFs, Investments

VanEck lists new managed fund

VanEck ETF Managed fund Australian equities

A new managed fund has been listed on the Australian Securities Exchange, combining investor capital with gearing to invest in domestic equities.

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ATO, Compliance, Superannuation

Illegal early access help sought

ATO Illegal early access Illegal early release Non-lodgement Voluntary disclosure service

Practitioner assistance has been sought by the regulator to help reduce and potentially eliminate the illegal early access of super benefits.

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