News

ATO, Tax

Check determinations for errors

ATO determinations errors SMSF

SMSF practitioners should check ATO determinations issued to clients are correct as there are no guidelines for recontributing money withdrawn due to an incorrect determination.

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Contributions, Strategy, Superannuation, Tax

2023/24 ideal for concessional contributions

Voluntary superannuation contribution

Trustees contemplating making a voluntary contribution to their superannuation funds should take action within this fiscal year.

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Estate Planning, Trusts

Corporate trustee control crucial in death

SMSF corporate trustee shares

Determining the ownership of shares in an SMSF corporate trustee company when a member dies is critical to effective estate planning.

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LRBA, SMSF

Rate impact not yet seen in LRBA market

LRBA interest rates

SMSFs with related-party LRBAs have yet to respond to the rise in the safe-harbour interest rate as their peers search for better terms following successive moves by the Reserve Bank of Australia.

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ATO, NALI/NALE, Tax

NALI case shows exact evidence need

AAT NALI evidence

SMSFs gathering evidence to prove arrangements do not breach NALI provisions have been shown the level of detail needed to defend a challenge in a recent AAT case.

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Insurance, SMSF, Strategy, Tax

Insurance source doesn’t impact tax

SMSF life insurance

SMSF trustees are not required to use funds from their superannuation accumulation accounts to cover life insurance premiums in order to qualify for a tax deduction.

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Business News, Markets, Property

Household Capital grows funding capability

Home equity release

Household Capital has increased the size of its home equity release funding pool through a deal with Pacific Equity Partners Capital Solutions.

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Accounting, Business News

IPA celebrates milestone

Institute of Public Accountants

An organisation representing accountants from Australia and around the world is about to mark its 100th anniversary.

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ATO, Compliance, Pensions, SMSF, Superannuation

SMSF reserves under control

Superannuation reserves

The ATO has seen the number of reserves being used by SMSFs significantly diminish and no longer regards this as a concerning compliance issue.

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Superannuation, Tax

Deeming rate better for $3m tax

superannuation earnings tax deeming rate

The use of a deeming rate, in lieu of the proposed calculation method, to achieve the outcomes of the $3 million superannuation earnings tax would be within normal industry practice.

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