News

Retirement, Superannuation, Tax

Zero tax on lump sums not tax-free

Preservation age

Particular attention must be given to the tax situation of people looking to access their superannuation benefits between the ages of 59 and 60.

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ATO, Compliance, Pensions, SMSF

Limited discretion for pension shortfall

Minimum pension

SMSF trustees have limited opportunities to seek ATO discretion when they fail to meet their minimum pension requirements.

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Administration, Technology

SuperConcepts cuts staff numbers

SuperConcepts staff

SuperConcepts has made changes to its staff numbers in an effort to reduce the cost base of the business under its new ownership and management team.

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ASIC, Compliance, financial advice

RG 175 knowledge a compliance must

RG 175

Financial advisers need to have a working knowledge of Regulatory Guide 175 to ensure their compliance procedures are sound.

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ATO, Compliance, Pensions, SMSF, Superannuation, Tax

ATO clarity required on TRIS

TRIS

The lack of clarity on how the ATO will handle non-compliance with transition-to-retirement income stream requirements will require SMSFs to stick closely to the law.

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Compliance, SMSF

Small hint given on residency rules

SMSF residency rules

The SMSF sector has been given an indication on the status of the changes to the superannuation residency rules via recent ATO action.

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NALI/NALE, Tax

NALI-CGT determination provides clarity

NALI CGT determination

A recently issued tax determination has clarified the treatment of capital gains where non-arm’s-length transactions are conducted and offers practical outcomes for SMSFs.

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SMSF, Technology

Caution needed in adopting AI tools

SMSF AI ChatGPT

SMSF practitioners should recognise the limits and dangers of using AI tools and vet the information provided before making use of them.

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Auditing, Compliance

Director IDs will be compliance issue

Director ID SMSF

SMSF corporate trustees must ensure they have fulfilled their obligation to obtain a director identification number as the ATO is looking into this area.

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SuperStream

SuperStream still a mystery to clients

superstream

SMSF practitioners will still need to guide clients through the SuperStream process which remains new to them after more than 18 months of operation.

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