News

CSLR, SMSF

Compensation reforms include SMSF levy

SMSFs will be captured by the special levy model used to fund the CSLR but will only be required to pay a nominal amount.

SMSFs will be captured by the special levy model used to fund the CSLR but will only be required to pay a nominal amount.

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CSLR, Financial Advice, Financial Planning

CSLR ‘but for’ loss removal welcomed

Industry associations are broadly pleased compensation from the CSLR will be applied to actual rather than hypothetical losses.

Industry associations are broadly pleased compensation from the CSLR will be applied to actual rather than hypothetical losses.

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Trusts

Bendel case implications noted

The SMSF Association has pointed out to the ATO the potential repercussions the Bendel case decision might have for the sector.

The SMSF Association has pointed out to the ATO the potential repercussions the Bendel case decision might have for the sector.

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Contributions, Division 296

Blended funds cloud recontribution plans

Withdrawal and recontribution strategies as a Division 296 management approach need careful consideration with blended family SMSFs.

Withdrawal and recontribution strategies as a Division 296 management approach need careful consideration with blended family SMSFs.

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Regulation, SMSFA, Superannuation

SMSF consumer protections welcomed

Changes to protect SMSF trustees and not saddle the sector with further costs or compliance have been welcomed by the SMSF Association.

Changes to protect SMSF trustees and not saddle the sector with further costs or compliance have been welcomed by the SMSF Association.

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Compliance, Investments, SMSF, Strategy

Govt announces new fund safeguards

The establishment of new SMSFs will require greater disclosure by trustees of their obligations, plans and advice fees.

The establishment of new SMSFs will require greater disclosure by trustees of their obligations, plans and advice fees.

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Commercial Property, LRBA

Commercial property now more attractive

Using gearing arrangements to invest in commercial real estate has increased among SMSFs since the change in the LRBA rules.

Using gearing arrangements to invest in commercial real estate has increased among SMSFs since the change in the LRBA rules.

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ART

Court overturns ART tax agent decision

The Administrative Review Tribunal will review the banning of a tax agent who didn’t meet his SMSF’s tax obligations after its initial ruling was overturned.

The Administrative Review Tribunal will review the banning of a tax agent who didn’t meet his SMSF’s tax obligations after its initial ruling was overturned.

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Documentation, Technology

Unique situations need specific records

Trustees using a specific approach to income allocation among members are unlikely to be able to rely on generic documentation to record the action.

Trustees using a specific approach to income allocation among members are unlikely to be able to rely on generic documentation to record the action.

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LRBA, Property

Property usage must be clear

The shift to limit LRBAs to business real property means current and future investors must understand the correct use of those assets.

The shift to limit LRBAs to business real property means current and future investors must understand the correct use of those assets.

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