News

Business News

Repeat winners emerge at awards night

Industry research firm CoreData in conjunction with selfmanagedsuper hosted the fifth annual SMSF Service Provider Awards in Sydney last week, with nine out of the 16 finalists holding their position from last year in the adviser-voted categories.

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Investments

Vigilance key for SMSFs investing overseas

As SMSFs increasingly participate in overseas investments, it is vital the tax consequences and structuring of such opportunities are considered and understood, but importantly advisers must be monitoring rules continuously in case of any changes.

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Fixed Income

Fixed income structure risks need focus

Investor understanding of fixed income risks around structure types requires more attention and education, according to Metrics Credit Partners (MCP).

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ATO

ATO grants small ECPI concession

While the ATO has not budged from its stance of requiring any SMSF entirely in pension phase to use the segregated method when claiming exempt current pension income (ECPI), it has confirmed its compliance activities will not be focused on adherence to this edict for the 2017 financial year or any prior periods.

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Compliance

TBAR non-compliance to attract penalties

The proposal to implement a transfer balance account report (TBAR) for SMSFs includes the ability for the ATO to impose penalties for non-lodgement or late lodgement of this information.

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ATO

ATO outlines vision for TBAR

Abstract binary numbers.

The ATO has revealed the regulator’s intentions for how its transfer balance account report (TBAR) regime will evolve with events-based reporting and other reporting over time, as well as clarifying whether capital gains tax (CGT) relief will be integrated.

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ATO

ATO​ ​proposes​ ​TBAR​ ​time​ ​frame​ ​options

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The ATO has this morning released a position paper requesting industry feedback on two possible time frame scenarios for SMSFs for events-based reporting under its transfer balance account report (TBAR) regime.

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Superannuation

Why you need a tailored BDBN

Before the 2017 superannuation reforms, often a retired couple would make a simple binding death benefit nomination (BDBN) in favour of each other and assume the surviving spouse could receive either a tax-free lump sum and/or a tax-free pension, and effectively defer any decisions around what to do once they were both gone to the surviving spouse.

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Superannuation

Contributions soar in June quarter

SMSF contributions jumped in the June quarter, with trustees using their last non-concessional contribution (NCC) opportunity before the new limited caps kicked in, while benefit payments spiked in order to be used to implement strategies, according to the latest SuperConcepts “SMSF Investment Patterns Survey”.

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ATO

ATO to scrutinise CGT relief eligibility

The legitimacy to claim capital gains tax (CGT) relief granted under the new super reform rules in regard to timing, as well as associated valuations, are likely to come under intense ATO scrutiny, an SMSF specialist law firm has said.

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