News

Administration, Death benefits, SMSF

Ready fix for benefit payment issue

Member benefit payment Death benefit In-specie transfer

A particular strategy can ensure a member benefit payment will be treated as such even when the relevant person dies before the transaction is completed.

read more
Accounting, Documentation, SMSF, Tax

Confusion over super tax reporting

Annual return SMSF Untaxed Tax-free Accounting

Misunderstanding the difference between taxable and tax-free components of superannuation benefits is causing some accountants to file incorrect annual returns for their clients.

read more
Death benefits, Estate Planning

Estate useful for directing super benefits

superannuation Death benefits Estate Institute of Financial Professionals Australia IFPA Natasha Panagis SMSF Self-managed super

A deceased estate can be a useful place to send super death benefits as it can provide wider options for distribution to beneficiaries than that allowed under the SIS Act.

read more
Contributions, SMSF, Strategy, Tax

A real opportunity to maximise tax deductions

SMSF Contribution reserving Double deduction strategy

The 2024 income year is offering up a good opportunity for SMSF members to enjoy a significant tax benefit from contributing to their fund.

read more
Administration, Contributions, SMSF

Coordination key to EOFY strategy

Communication SMSF Contribution reserving strategy Practitioners SMSF Professionals Day 2024

Efficient and effective communication and coordination between different practitioners is necessary when employing a contribution reserving strategy.

read more
Crypto Assets, Cryptocurrency, SMSF

New funds keen on crypto and cash

The trustees of new SMSFs have shown a preference for cryptocurrency and cash at higher rates than established funds.

read more
Contributions, SMSF, Tax

Post-death contribution deductibility confirmed

Personal contribution Tax deductibility ATO TR 2010/1 SMSF

Legal representatives of a deceased SMSF trustee can claim a tax deduction for contributions made by the member before their death.

read more
Pensions, SMSF

Deeming rates to reduce pension amounts

Centrelink income means test Aged pension SMSF Deeming rates Pension

Retirement income streams drawn from an SMSF are likely to be impacted by new deeming thresholds for the age pension, regardless of the amount drawn down each month.

read more
Administration, ATO, Contributions, SMSF

Contribution reserving admin clumsy

Contribution reserving Concessional contribution ATO Administration SMSF SMSF annual return

Practitioners and their SMSF clients must understand the proper administrative procedure involved with a contribution reserving strategy.

read more
SMSF, Tax

Div 296 payment method inconsistent

DBA Lawyers Dan Butler SMSF Division 296

Paying the Division 296 tax from an SMSF would run counter to the narrative funds should not be releasing money before members meet specific age and work-based criteria.

read more

Copyright © SMS Magazine 2024

ABN 43 564 725 109

Benchmark Media

Site design Red Cloud Digital