News

Death benefits, SMSF, Tax

$3m soft cap contains death glitch

$3 million soft cap tax Deceased member Death benefit

A distinct abnormality is contained within the draft legislation pertaining to the $3 million soft cap with regard to deceased super fund members.

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NALI/NALE

Boost SIS Act to address NALE

SMSF NALE NALE SIS Act Senate committee

An existing piece of legislation can be tweaked to carve out a specific treatment for non-arm’s-length arrangements for SMSFs without having to introduce a new and uneven super tax model.

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Administration, SMSF

Financial assistance more than cash loan

Financial assistance SIS Act SMSF

Breaches of the financial assistance obligations can extend beyond lending cash, with the rectification measures potentially harsh regardless of the assets involved.

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Retirement

Member status key for lump sums

SMSF in-specie lump sum payment

The status of an SMSF member may represent a bigger barrier to an in-specie lump sum payment than the underlying assets exiting the fund.

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Administration, SMSF

Avoid Div 293 dual deadline confusion

ATO Division 293 tax

Trustees facing potential Division 293 tax liabilities should promptly respond to ATO notices in respect of the tax and consider using personal funds to settle the liability.

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Retirement, Superannuation

Competition to improve super

Stephen Jones superannuation sector competition

The government is looking to improve the outcomes for all superannuants by encouraging increased competition between all segments of the industry.

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Business News, Education

Heffron expands education offering

Heffron Meg Heffron Education Superannuation sector Super in 60

Heffron has expanded the scope of its education offering to include professionals who do not actively work with superannuation, but need regular updates about developments in the sector.

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ATO

Valuations to get increased focus

ATO SMSF asset valuation

The valuation of assets is an area of compliance the ATO is looking to focus on with greater intensity as a result of recent data analysis.

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Compliance, SMSF, Superannuation

Sole purpose must be starting point

SMSF sole purpose test

SMSFs should never try to retrospectively fit fund transactions under the sole purpose test, but use it as a first point of reference when deciding on fund-related actions.

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Administration, Investments, SMSF, Strategy

Strategy review doesn’t mean changes

SMSF Investment strategy review SIS Act

The mandatory annual review of an SMSF investment strategy should not be confused with a perceived requirement to make changes.

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