News

Property

Vacant land can be BRP

SMSF business real property vacant land wholly and exclusively threshold

Advisers should note in some circumstances pieces of vacant land can be considered business real property and may be held in an SMSF for that purpose.

read more
Auditing, Compliance, SMSF

Beware of altered valuations

SMSF auditor asset valuation market value $3 million superannuation earnings tax

SMSF auditors should exercise some scepticism regarding asset valuations in 2024 as trustees may be attempting to escape the impacts of the $3 million soft cap tax.

read more
ATO, Regulation, SMSF

Diamonds not a personal asset

Pink diamonds personal use asset collectables ATO guidance

The ATO has provided guidance on the status of pink diamonds inside an SMSF and has noted trustees should give proper consideration to how they are insured and stored.

read more
ETFs, Investments

Second fixed income ETF from JP Morgan

JP Morgan Global Bond Active ETF fixed income exchange traded fund

JP Morgan Asset Management has grown its suite of ETF products with the release of a second fixed income product and a hedged version of an existing global equities fund.

read more
ATO, Superannuation

ATO mulls access approval

ATO Illegal early access Superannuation Condition of release

In an effort to curb cases of illegal early access, the ATO may introduce an additional compliance requirement before funds can be released from an SMSF.

read more
Appointments, SMSFA

SMSF Association board appoints new member

SMSF Association board of directors appointment

Christine Franks is the newest member of the SMSF Association board of directors after her appointment as a governance expert.

read more
Compliance, financial advice

Set-up advice leads to banning

FSCP Financial adviser banned SMSF ASIC

A financial adviser has been slugged with a registration ban by a panel of peers for acting inappropriately when providing advice to a client on the suitability of establishing an SMSF.

read more
financial advice, Financial Planning

New adviser class insulting to sector

Financial advice qualified advisers Stephen Jones QAR IFPA

A proposal to create a new class of financial adviser is an insult to those who have attained high-level qualifications and the government should reconsider its plan.

read more
Legislation, NALI/NALE, Superannuation, Tax

Last chance to alter $3m soft cap bill

Division 296 tax NALE Superannuation earnings tax Senate

A review by a Senate committee will give the SMSF sector a final chance to put forward its case that the proposed superannuation earnings tax is poor policy and should be refined.

read more
SMSF, SMSFA, Tax

Div 296 tax impact on farms refuted

SMSF Association ASFA farms $3 million superannuation earnings tax

The SMSF Association has rejected claims few farms in SMSFs will be affected by the proposed superannuation earnings tax as the assertion is based on incorrect ATO data.

read more

Copyright © SMS Magazine 2024

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.