News

AAT, ATO, Compliance, Legislation, Regulation

Disqualification overturned despite breaches

AAT ATO Trustee disqualification SMSF Gordon Merchant

The AAT has overturned the disqualification as trustee of the founder of Billabong despite several breaches of superannuation laws.

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Retirement, SMSF

SMSF members confident in retirement

SMSF retirement savings Vanguard Investment Trends confidence

The level of confidence SMSF members have that their retirement savings will be sufficient to last their lifetime is three times higher than for those without a fund, new research has found.

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Documentation, Pensions, SMSF

Pension contracts can add legal assurance

Pension contract SMSF SIS Act

Using a pension contract to specify the rules for an income stream can offer greater legal certainty and administrative control to SMSF trustees.

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Contributions, SMSF, Strategy, Tax

Deadline looms for double deduction strategy

Contribution strategy Deduction SMSF

SMSF trustees looking to reduce the amount of tax they pay through the use of the double deduction contribution strategy must act by the end of June.

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financial advice, Financial Planning, SMSF

Advised SMSFs hit all-time low

SMSF Financial advice Vanguard Investment Trends Irene Guiamatsia

The number of advised SMSFs has dropped to an historical low, with advisers being urged to reconsider how they offer services to existing and new trustees and fund members.

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Insurance, LRBA, Property, SMSF

LRBA insurance payments not linear

LRBA Life insurance SMSF Business real property

SMSFs holding life insurance to cover liabilities from an LRBA should be aware any benefits from the policy may not actually be applied to the arrangement.

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Administration, ATO, Compliance, Regulation, SuperStream

Rollover timeframes work against trustees

SMSF Rollover Wind up SuperStream

SMSF trustees will continue to experience issues with rolling assets from a fund using SuperStream within the required timeframe due to unchanged limits in the system.

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Legislation, LRBA, SMSF, Tax

LRBA ban key to Greens Div 296 vote

SMSF LRBA Division 296 Australian Greens

The Greens are calling for restrictions on the use of LRBAs by SMSFs as a condition for the party’s support for the Division 296 bill before parliament.

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Auditing, Compliance, SMSF

Investment decision evidence required

SMSF Investment strategy Documentation Supporting evidence

An SMSF investment strategy must be documented along with the decisions the fund’s trustees have made in order to adhere to it.

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Contributions, Superannuation

Remove contribution excesses to avoid issues

SMSF Superannuation concessional contribution non-concessional contribution excess Heffron

SMSF members who make excess concessional contributions may be better off taking the funds out again rather than letting them be treated as non-concessional contributions.

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