News

Practice Management

Scope of automation no threat to advisers

Illustration of a boat passing icebergs.

The current capability of automation within SMSF administration services was not yet at a point where it could be substituted for the judgment of a human adviser, according to a panel of executives.

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Compliance

Related-party LRBA benchmarks may turn costly

SMSFs with related-party limited recourse borrowing arrangements (LRBA) could face further administrative expenses and will require more time and effort if standardised benchmarking across all types of transactions becomes an expectation of the regulator.

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Business News

LRBA advice results in ASIC ban

The Australian Securities and Investments Commission (ASIC) has banned Drew Crosskreutz from providing financial advice for three years after ruling he had broken the law by not acting in his clients’ best interests.

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Superannuation

National default super idea problematic

Introducing a national default superannuation scheme is a good idea in theory, but in reality would present numerous issues for the super sector, an industry executive has warned.

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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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