News

ATO

Relaxed fixed trust view to assist SMSFs

New draft guidelines changing the ATO’s interpretation of what constitutes a fixed trust may help the tax treatment of trust distribution income for SMSFs, according to a specialist law firm.

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ATO

ATO sends out LRBA reminder ahead of deadline

The ATO has issued a reminder to SMSF advisers and trustees about how the non-arm’s-length income (NALI) provisions apply to limited recourse borrowing arrangements (LRBA) in light of the looming compliance deadline for these gearing strategies.

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Regulation

Super laws rekindle automation interest

The incoming legislative changes to the superannuation system are driving renewed interest in system automation, with a significant number of new portfolios coming from manual SMSF accountants using Excel and generic general ledgers, according to Class.

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Regulation

IPA favours ASIC funding model

The Institute of Public Accountants (IPA) has come out in support of the proposed industry funding model to support the Australian Securities and Investments Commission (ASIC) and believes it will deliver positive regulatory outcomes.

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Business News

NAB, Heffron unveil SMSF set-up service

National Australia Bank’s (NAB) online trading platform, nabtrade, has entered into a partnership with Heffron SMSF Solutions to launch a transparent, non-commission and fully featured establishment and administration service for SMSFs.

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Business News

The end of a horrible SMSF year

It was Queen Elizabeth who made the phrase, annus horribilis, such a memorable one.

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Accounting

SMSF licensing: an opportunity and threat

For accountants, 2016 has been a year of interesting challenges and exciting new opportunities. As we enter a period of significant change, there are a number of considerations for accountants to take into 2017.

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Compliance

SMSF compliance healthy: ATO

Compliance activities and associated punitive measures applied by the ATO over recent years have revealed the SMSF sector is in very good shape and with few problems.

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Business News

Season’s greetings

&

The team at selfmanagedsuper would like to wish all our readers a Merry Christmas and Happy New Year as the publication signs off for 2016.

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Business News

New laws make child pensions more technical

The arrangement and implementation for children receiving pensions will be made more complex and technical as a direct result of the $1.6 million transfer balance cap provision starting 1 July 2017.

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