News

Legislation, SMSFA, Tax

Senate Div 296 report pushed back

Division 296 tax Senate Economics Legislation Committee SMSF Association

A Senate committee report examining the proposed Division 296 tax will now come out in May after being pushed back by three weeks.

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Compliance, Investments, SMSF

Verify asset location before filing SAR

Overseas assets Australian assets Investments SMSF annual return SAR

Understanding the location of an asset that is held by an SMSF is crucial for meeting the fund’s annual reporting requirements.

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Insurance, Tax

Examine TPD policy to reduce tax impact

SMSF TPD total and permanent disability insurance tax deductibility non-concessional contribution

The type of TPD cover an SMSF trustee holds and how they choose to claim on it can have significant tax implications if not managed correctly.

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LRBA, Platforms, SMSF

DASH adds SMSF features to advice platform

DASH Technology Group SMSF Advisers LRBA Platform Archer

Dash Technology Group has strengthened its adviser support platform by adding features tailored specifically for SMSF practitioners.

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ETFs, Investments

VanEck lists new managed fund

VanEck ETF Managed fund Australian equities

A new managed fund has been listed on the Australian Securities Exchange, combining investor capital with gearing to invest in domestic equities.

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ATO, Compliance, Superannuation

Illegal early access help sought

ATO Illegal early access Illegal early release Non-lodgement Voluntary disclosure service

Practitioner assistance has been sought by the regulator to help reduce and potentially eliminate the illegal early access of super benefits.

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Accounting

Check declarations in older trust deeds

SMSF Trust deed Trustee declaration Accurium SIS Act SIS Regulations

Older SMSF trust deeds may not contain a declaration that the trustees will comply with their legal obligations and this should be revisited, especially where changes have taken place in that document.

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Administration, Compliance, Contributions

Second splitting request not allowed

Contribution Splitting Splitting application Concessional contribution SMSF

SMSF members only have one opportunity to make an application to split a concessional contribution with a spouse in a given financial year.

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Compliance, In-house assets, Investments, Regulation

Related-party challenge recognised

ATO Paul Delahunty Related parties In-house assets Part 8 associates

The difficulty trustees may have in complying with the related-party rules has been noted by the ATO in the context of the total number of SMSF members.

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ATO, Compliance, financial advice, SMSF, Superannuation

Early release needs wider examination

SMSF Superannuation Illegal early release Early access CAANZ Chartered Accountants

The early release of superannuation should be addressed by looking at who is providing advice, but also reforming the rules to prevent inappropriate access.

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