News

Legislation, NALI/NALE, SMSFA

NALE law missing key elements

Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Act 2023 SMSF Association NALE Non-arm's-length expenditure

The recently passed law to clarify the NALE rules is an improvement over the previous regime, but several issues of concern remain unaddressed.

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Administration, Insurance, SMSF, Superannuation

No distinction in insurance benefit treatment

Life insurance SMSF Self-managed superannuation Premiums Death benefits Member benefits

Benefits paid from a superannuation-funded life insurance policy do not have different status to other benefits, unless held by a separate super vehicle.

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Regulation, Superannuation

Employment after retiring okay

Definition of retirement Condition of release SMSF Self-managed superannuation

Starting a new job after having legally retired will not mean a person will lose the tax benefits from an existing income stream.

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Administration, ATO, financial advice

Event-based reporting a struggle

Event based reporting SMSF Self-managed superannuation Investment Trends Yigit Gunhan

Event-based reporting imposed by the ATO has emerged as a significantly increasing challenge for advisers in servicing the SMSF sector.

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Legislation, SMSF, SMSFA

Early election could delay Division 296 bill

SMSF Association Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) bill SMSF Self-managed superannuation Division 296 tax

The proposed Division 296 tax may not pass through parliament until 2025 if an election is announced in August.

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SMSF

Limited options for payments to closed fund

SMSF Self-managed superannuation Wind-up payment Heffron Annie Dawson

There are limited options to handle any late payments made to members of an SMSF in wind-up, requiring awareness of what is still outstanding at the time.

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NALI/NALE

NALE changes take effect from 1 July

SMSF Self-managed superannuation NALE non-arm’s length expenditure Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Act 2023

The long-awaited changes to the NALE provisions have received an eleventh-hour approval and take effect from the start of the new financial year.

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Death benefits, SMSF

EPOA actions for ill member stifled

EPOA Enduring power of attorney Anthony Cullen SMSF Self-managed superannuation Accurium

Several different factors can restrict the ability of a person who is a death beneficiary and has an EPOA to exit the assets of a dying SMSF member.

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ATO, SMSF, Tax

ATO releases Division 293 caution

Division 293 Self-managed superannuation ATO SMSF Release authority

SMSF trustees must follow ATO procedures before paying a Division 293 liability with monies from their superannuation funds or risk breaching their compliance obligations.

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ASIC, Education, financial advice

ASIC issues adviser qualifications warning

ASIC Financial Adviser Register Adviser qualifications compliance program

ASIC will check information submitted by Australian financial services licensees regarding their advisers’ qualifications following the discovery of reporting issues in a recent review.

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