News

SMSF

Limited options for payments to closed fund

SMSF Self-managed superannuation Wind-up payment Heffron Annie Dawson

There are limited options to handle any late payments made to members of an SMSF in wind-up, requiring awareness of what is still outstanding at the time.

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NALI/NALE

NALE changes take effect from 1 July

SMSF Self-managed superannuation NALE non-arm’s length expenditure Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Act 2023

The long-awaited changes to the NALE provisions have received an eleventh-hour approval and take effect from the start of the new financial year.

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Death benefits, SMSF

EPOA actions for ill member stifled

EPOA Enduring power of attorney Anthony Cullen SMSF Self-managed superannuation Accurium

Several different factors can restrict the ability of a person who is a death beneficiary and has an EPOA to exit the assets of a dying SMSF member.

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ATO, SMSF, Tax

ATO releases Division 293 caution

Division 293 Self-managed superannuation ATO SMSF Release authority

SMSF trustees must follow ATO procedures before paying a Division 293 liability with monies from their superannuation funds or risk breaching their compliance obligations.

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ASIC, Education, financial advice

ASIC issues adviser qualifications warning

ASIC Financial Adviser Register Adviser qualifications compliance program

ASIC will check information submitted by Australian financial services licensees regarding their advisers’ qualifications following the discovery of reporting issues in a recent review.

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Administration, ATO, SMSF

Compliance focus impacts wind-ups

ATO SMSF Wind-up Compliance activities

The ATO’s increased emphasis on its compliance activities has had a significant impact on the number of SMSFs wound up this year.

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Accounting

Division 296 asset valuation caution

Dan Butler DBA Lawyers Division 296 Asset valuations SMSF Self-managed superannuation fund

SMSF members should look at the best valuation of fund assets to offset the impact of the Division 296 tax, but should be cautious about what value they record.

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financial advice, Financial Planning

FAAA to launch advice academy

FAAA Financial Advice Association of Australia Adviser academy Financial advisers

The FAAA will launch an advice academy to assist high school students and career changers to make the jump into the financial advice sector.

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ATO, Contributions, SMSF, Strategy

Recontribution tax benefits okay

ATO PBR Withdrawal Recontribution strategy

Several tax benefits resulting from a withdrawal and recontribution strategy have been deemed legal in a recent ATO private binding ruling.

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NALI/NALE

NALE bill passed by parliament

NALE non-arm’s-length expenditure bill SMSF Self-managed superannuation fund Royal assent

Changes to the NALE provisions will become law, with only the question of when they will take effect yet to be answered.

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