News

Auditing, Contributions

Contribution mistakes more likely

SMSF auditors non-concessional contributions work test

Changing the non-concessional contribution regime to operate on an age-based criteria means more mistakes are probable and auditors will be less likely to be able to help rectify them.

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Auditing, Compliance, Tax

Avoid flawed valuations to cut tax

Superannuation earnings tax Asset valuations Market value $3m soft cap tax SIS Regulation 8.02B

Attempting to avoid the impact of the $3 million soft cap tax by providing undervalued asset assessments is likely to create more problems for SMSF trustees than it solves.

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NALI/NALE

IFPA wants NALE law removed

Institute of Financial Professionals IFPA Senate Economics Legislation Committee NALE repeal

The government has been encouraged to remove the provisions pertaining to NALE in the relevant bill before parliament.

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Auditing, Compliance

Audit shopping checks still required

Auditor shopping compliance record engagement letter

Auditors must check the compliance record of any potential clients with professionals the trustee has previously engaged prior to servicing them.

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Property, Tax

GST on property costs essential

SMSF trustees commercial property lease agreement GST

Trustees with a commercial property lease agreement must apply GST to any outgoing costs they expect to recover from a tenant.

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Tax

Consultation skipped on tax agent reporting

tax agents TPB breach reporting consultation false allegations

Six advice and tax bodies have called for the government to consult on a requirement for tax agents to report potential breaches they say lacks protections to deal with false allegations.

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ATO, Compliance, Death benefits, Documentation, Regulation

Benefit review reinforced by ruling

Death benefit Incapacity Benefit payments Documentation

The need to have up-to-date SMSF documents related to incapacity and benefit payments has been brought to the fore by a recent ATO private ruling on benefit payments after the death of a member.

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Administration, ATO, Compliance, Regulation

Clarity needed on illegal access discretion

Illegal early access superannuation ATO discretion tax ruling

Uncertainty over a key tax ruling has raised concerns regarding how the ATO and the tax commissioner might handle cases of illegal fund access by an SMSF.

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ATO, Superannuation

No compassionate release shortcut

SMSF accessing superannuation compassionate grounds ATO guidance

New guidance on accessing superannuation on compassionate grounds has been released by the ATO, which has noted SMSFs must still follow a specific process for early release.

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Legislation, Superannuation

Super objective bill enters parliament

objective of superannuation bill Superannuation (Objective) Bill 2023

The bill to enshrine the objective of superannuation has entered parliament, with the central wording unchanged since first proposed earlier this year.

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