News

Contributions, SMSF, Tax

Settlement contributions given tax relief

$3 million tax exemption structured settlement contribution

SMSF trustees who receive a structured settlement contribution can take advantage of the fact that proposed $3 million soft cap will exempt these from its tax calculations.

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ATO, Auditing, Compliance

Auditor independence still targeted

SMSF auditors independence ATO

The ATO has identified a number of auditors who are still failing to meet independence requirements and will engage in targeted reviews and compliance action.

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Tax, Trusts

Deed change costs not all deductible

SMSF trust deed amendment tax deduction

Determining whether legal fees arising from a trust deed amendment are tax deductible will hinge on the nature of the expenses in question.

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Accounting

No special treatment for digital assets

SMSF cryptocurrency NFT SIS Act regulations

Digital assets in an SMSF portfolio are still subject to long-established rules regarding their ownership and use despite being recent and emerging financial products.

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Administration, Legislation, SMSF, SMSFA, Superannuation, Tax

$3m soft cap liquidity risk proven

$3 milliom superannuation earnings tax liquidity SMSFA

New SMSF Association-commissioned research has indicated the tax on super balances over $3 million will result in liquidity risk.

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Compliance

Valuations validate related-party transfers

SMSF related party transactions valuation arm's length

While not required to do so, SMSFs should seek valuations when disposing of assets to a related party to prove the transactions were at arm’s length.

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ASIC, ATO, Compliance

ASIC sanctions 11 SMSF auditors

ASIC disqualification SMSF auditors

ASIC has taken enforcement measures against 11 registered SMSF auditors, resulting in the disqualification of three practitioners during the September quarter.

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Administration, Commercial Property, Compliance, In-house assets, LRBA, Property, SMSF

Dual-use properties a compliance risk

SMSF business real property in-house asset

SMSF trustees must use acquired business real property solely for the purposes of operating a business to avoid triggering in-house asset rules.

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Compliance, Legislation, SMSF, SuperStream, Tax

$3m cap offers no revenue relief

Superannuation earnings tax penalty

Superannuants will not receive any relief from the revenue calculation associated with the $3 million soft cap in the event of a tax liability.

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Compliance, Investments, Regulation

Acquisition error not reversible

SMSF related party acquisition breach

SMSF trustees who purchased an asset from a related party in error cannot reverse the breach but only manage the problem with the ATO.

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