News

TBA fraud rules unforgiving

January 30, 2024

transfer balance account fraud superannuation Accurium

There are very strict superannuation rules dealing with fraud and the ability for SMSF members to be granted any transfer balance account relief.

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financial advice, Superannuation, Tax

Double standard must end

SMSF Association pre-budget submission superannuation financial advice fees tax deductibility

January 30, 2024

Jason Spits

The double standard in the treatment of SMSFs compared to APRA-regulated funds must end, including in regards to the deductibility of financial advice fees.

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Property, Regulation, SMSF

Be wary of trust control trap

SMSF Property In-house assets Related-parties Unit trust Ownership

January 30, 2024

Todd Wills

Scrutinising the structure and governance of a unit trust tied to a property development is critical to the success of an SMSF’s investment in the project.

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ATO, Auditing, Regulation

APES 110 angst for specific firms

APES 110 Auditor Independence Standards ATO SMSF Auditors

January 29, 2024

Darin Tyson-Chan

ATO reviews of SMSF auditors have recognised the specific type of practitioner likely to fall foul of the independence standards set out in APES 110.

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Contributions, Superannuation

Make general TBC a threshold standard

Transfer balance cap proportionate indexation Superannuation The Tax Institute Institute of Financial Professionals Australia

January 29, 2024

Jason Spits

The general transfer balance cap should be applied to all super fund members and used as the basis for setting and raising other thresholds.

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Administration, Regulation, SMSF

SMSFs can report GST annually

January 29, 2024

Todd Wills

SMSFs can save time and administrative costs by electing to report their GST obligations annually, provided they meet a certain set of conditions.

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Death benefits

Remove lump sum restrictions

Death benefit lump sum limits IFPA Institute of Financial Professionals Australia Pre-budget submission

January 25, 2024

Jason Spits

Limits on the number of death benefit lump sums from superannuation are restrictive and should be removed to prevent breaches of the super regulations.