News

ATO, Pensions, Tax

Short pension terms raise red flags

ATO BDO Peter Crump SMSF Self managed superannuation Tax Ruling 2013/5 pension

SMSF members should be wary of short-term pension strategies and adopt a multi-year approach to prevent the process being viewed as a tax avoidance measure.

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Administration, Compliance, NALI/NALE, SMSF

Stand-alone corporate trustee reduces risks

SMSF Self-managed superannuation Corporate trustee NALE Non-arm's-length expenditure Taxation Ruling 2010/1 Dan Butler DBA Lawyers

Using a corporate trustee for multiple purposes could expose an SMSF to compliance risks, particularly given the uncertainty surrounding the treatment of NALE.

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Investments, SMSF

Integro unlocking private markets for SMSFs

Integro Private Wealth private markets SMSF Fund-of-funds Self-managed superannuation Tim Sullivan

A fund manager is providing SMSF members with additional avenues allowing them to access investment opportunities in global private markets.

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Investments, Legislation, Tax

Share volatility exposes Div 296 severity

Division 296 tax Total superannuation balance Equities SMSF Self-managed superannuation Unrealised capital gains

The Division 296 tax could lead to particularly unfair outcomes in situations where SMSFs hold certain equities that experience significant fluctuations.

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Property, SMSF, Trusts

New rules diminish declarations of trust

SMSF Self-managed superannuation Declaration of trust Asset ownership Stamp duty ATO ASF Audits Shelley Banton

The use of a declaration of trust to deal with the ownership of SMSF assets has been undermined by ATO guidance and legislative changes.

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Administration, SMSF, Superannuation

Reconsider voting by member balance

Constitution Voting rights Superannuation balance SMSF Corporate trustee Self-managed superannuation fund

Account balance-based voting in SMSF corporate trustee company constitutions may lead to an added administration burden and unfair outcomes.

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Appointments

IFPA expands tech team

IFPA Institute of Financial Professionals Australia Stuart Sheary

IFPA has recruited a new technical expert from a major advice group, further adding to its abilities to provide specialist support for its members.

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SMSF, Trusts

SMSFs with unrelated parties unwise

Phil Broderick Unrelated parties SMSF Self-managed superannuation Sladen Legal

The establishment of an SMSF incorporating unrelated parties for joint investments is ill-advised and can complicate member disputes.

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Auditing, Property

Second-tier valuation evidence less reliable

SMSF Self-managed superannuation Deloitte Liz Westover Asset valuation Audit evidence

Trustees struggling to get formal property valuation evidence can use other forms of data to support their estimate, but they may be regarded as less reliable by the fund’s auditor.

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