News

Estate Planning, financial advice, Financial Planning

Need for wealth transfer help common

wealth transfer financial legacy

Many Australians who have yet to retire are actively looking at how they can pass on money to their successors, with the lack of information creating opportunities for advice.

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Administration, Business News, SMSF

Administrator celebrates milestone

Heffron

A respected SMSF administration service provider has commemorated 25 years of service to the industry.

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ETFs, Investments

BlackRock unveils gold ETF

Blackrock Gold ETF

Investors will soon have the opportunity to invest in physical gold without having to own or store it via a forthcoming ETF set to debut by the end of this month.

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NALI/NALE, Tax

Deductibility not a NALE criteria

NALE expenses tax deduction capital

SMSF trustees should not assume a particular expense will not be captured by the NALE rules simply because it is not tax deductible to the fund.

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Auditing, Property

Annual valuation requirement clear

SMSF annual audit auditor property asset valuation

Regulations outlining the requirement for the annual valuation of an asset are clear cut and should not lead to confusion around what auditors are required to do.

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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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