News

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

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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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Business News

SMSF Association reveals new patron

Reverend Tim Costello has been appointed as the new patron of the SMSF Association, succeeding former High Court chief justice Sir Anthony Mason, who has filled the role since February 2007.

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Compliance

Clients uncertain in new compliance landscape

The new superannuation changes are driving SMSF trustees to seek help and advice from advisers and accountants in order to understand and be guided through the complex rules, financial planning practice Australian Wealth Solutions (AWS) has revealed.

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