News

ATO, Compliance, SMSF

Set-up scrutiny drivers revealed

ATO SMSF Establishment Set-up Compliance Scrutiny

The ATO’s decision to review an application to set up an SMSF is largely driven by the history and circumstances of the individuals involved.

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Property, Regulation

Avoid in-house asset trap

SMSF Property development Non-geared unit trusts Related party In-house asset

SMSF trustees must meet a specific set of conditions to avoid falling into the trap of turning a non-geared unit trust into an in-house asset when investing in property.

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Accounting, financial advice

Opposition looking at accountants advice

Quality of Advice review QAR accountants financial advice Angus Taylor

The opposition is looking at how accountants can be included in the provision of financial advice after noting their absence from industry reforms.

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Property, SMSF

Clean energy a BRP issue

Green energy Business real property SMSF

It remains unclear as to whether clean energy equipment fits the definition of business real property for SMSF purposes.

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Death benefits, Estate Planning, SMSF, Superannuation

Trustee awareness key in benefit payments

superannuation member benefit death benefit ATO SMSF

The ATO has further affirmed its treatment of a superannuation benefit paid after the death of a member will depend on the trustee’s awareness of that event.

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Documentation, Legislation, SMSFA

Digital execution of declarations accepted

Digital execution Statutory declaration Deed myGov

From the start of this year, individuals now have the option of using two digital methods to execute statutory declarations in addition to a traditional paper-based approach.

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Death benefits, Superannuation, Tax

$3m cap issue with death pensions

Total super balance $3 million soft cap tax Calculation methodology Death benefit

A vital element of the calculation methodology regarding a person’s total super balance for the $3 million soft cap is yet to be revealed.

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NALI/NALE, Property, SMSF

Cheap finance creates NALI trap

NALI NALE Property development Unit trusts family trusts SMSF

SMSFs drawing on cheap sources of finance for property developments are likely to breach the NALI rules, costing them many times more than the interest saved.

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financial advice, Regulation

Adviser exam changes a positive step

ASIC Financial adviser exam Financial advisers

A proposal to streamline the financial adviser exam will help bring more advisers into the profession and provides a more objective measure of the abilities of new entrants.

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financial advice

Initial compensation levy tops $240m

Compensation Scheme of Last Resort CSLR levy

The estimated cost of unpaid compensation for past financial misconduct to be paid by banking and insurance groups has been released, but still requires government approval.

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