News

ATO

No TBAR for family law, fraud cases

Birds perched on power lines.

The ATO has clarified SMSF trustees who experience family law cases, fraudulent activity or bankruptcy that affects their transfer balance cap will be required to follow a separate process to the transfer balance account report (TBAR) regime.

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Compliance

SMSF Association urges CGT relief action

The SMSF Association has called on SMSF trustees to take action now if they want to use the capital gains tax (CGT) relief provisions contained in the super reforms as part of their strategy to comply with the new transfer balance cap.

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ATO

ATO casts doubt over BDBN pension treatment

The ATO has hinted it will be examining whether a binding death benefit nomination (BDBN) can affect the treatment of an existing member’s pension upon the death of that member.

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Strategy

Double-up makes two-SMSF strategy questionable

The necessity to replicate standard process makes the strategy of holding two SMSFs to comply with the new super reforms one that trustees must consider carefully before implementation, according to a specialist educational provider.

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Estate Planning

Death benefit tax issues need more attention

The inability to roll over the portion of death benefit pensions that exceed a surviving member’s transfer balance cap (TBC) under the new super reforms means SMSF trustees must scrutinise the tax implications of retaining these monies inside super or exiting them from the system, an industry consultant has said.

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ATO

ATO to focus on asset valuation scrutiny

Kasey Macfarlane

The ATO has confirmed it will be examining SMSF asset valuations very closely in the immediate term due to the critical nature of these practices in regard to newly introduced elements such as the transfer balance cap, total super balance and capital gains tax (CGT) relief.

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Business News

Actuaries Institute chief to depart

The Actuaries Institute has announced the resignation of its chief executive, David Bell, who will step down at the end of the year.

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Business News

DomaCom prepares to expand gearing suite

DomaCom is in the final stages of implementing the required legal infrastructure to create a mechanism for its sub-funds to hold debt, which will facilitate the launch of a wider product suite leveraging residential property.

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ATO

SISFA to fight for SMSF TBAR carve-out

The Self-managed Independent Superannuation Funds Association (SISFA) has said it will continue to work closely with the ATO in order to adjust the way its transfer balance account report (TBAR) regime will work for SMSFs.

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Superannuation

Choice of fund integral to system efficiency

The SMSF Association has declared the fundamental right of all employees to have the ability to choose their own super fund, including an SMSF, should be an integral part of the retirement savings system.

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