News

ATO, Compliance

Loans to mask illegal early access rising

An increasing number of SMSF trustees and members are attempting to classify the illegal early access of benefits as loan arrangements.

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Pensions

Discretion timing may worsen breaches

SMSF members seeking ATO discretion regarding failures to pay minimums may find response times get in the way of taking immediate action to address the problem.

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SMSF, Tax

Div 296 window closing

The government is running out of time to pass the Division 296 tax bill this year as other items on its legislative agenda fill in the few remaining sitting days.

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SMSF

Sector thriving as assets pass $1 trillion

Despite regular criticism of its operation, the SMSF sector’s growth to more than $1 trillion in assets shows it is thriving, according to the SMSF Association.

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Contributions

Contributions deductibility not a given

Certain circumstances or actions can prevent an individual from claiming a tax deduction for a personal superannuation contribution.

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Death benefits, Superannuation

Stepchild super status no longer clear

The status of stepchildren to be considered as superannuation beneficiaries is no longer as clear cut as it once was, with common law moving ahead of official guidance.

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ATO, SMSF

New funds dominated by middle-agers

The number of middle-aged people setting up an SMSF has continued to rise, with more than 50 per cent of new funds established by people between 35 and 50 years of age.

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Aged Care, Retirement

Retirees express aged-care cost anxiety

According to a leading financial services organisation, seniors are preferring to sit on their nest eggs rather than revert to frivolous spending at a time when they should be living life to the full.

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Business News

Inaugural financial industry awards presented

The inaugural Australian Financial Industry Awards were presented by the Institute of Financial Professionals Australia last Friday evening.

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Auditing

Key audit materials should be used

SMSF auditors should use key materials such as guidance statements as the basis for their processes to make them as robust as possible.

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