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New super tax labelled a shocker
Shadow treasurer Angus Taylor has strongly criticised the proposed policy to introduce the Division 296 tax on total super balances above $3 million and accused the government of discouraging...
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Repeated call to fix soft cap error
The SMSF Association is making another call for the government to fix what it describes as an obvious flaw in the bill tabled to enable the introduction of the $3 million soft cap also referenced as...
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Dob in illegal access advice
The ATO has encouraged superannuants to report individuals who encourage them to use an SMSF to gain illegal early access to their retirement savings without satisfying a condition of release. “If...
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New tax policy rushed and flawed
The SMSF Association (SMSFA) has continued to push for changes to the proposed Division 296 tax, telling a Senate committee it is a rushed policy that cannot be fully assessed without accompanying...
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A further 149 trustees banned
The ATO disqualified more than 140 SMSF trustees in the December quarter 2023, with an overall 374 trustees disqualified during the first half of the 2024 financial year, according to new data released...
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Capital gain classification key to tax benefit
A taxation specialist has reminded practitioners to properly characterise the types of capital gains an SMSF may have incurred in order to maximise the tax position of the fund. To this end, Accurium...
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Crypto mining scheme called out
The Australian Securities and Investments Commission (ASIC) has initiated legal action against three blockchain mining companies and their directors for allegedly encouraging investors to convert their...
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Illegal early access fact sheet released
The ATO has reminded SMSF trustees and members that accessing their retirement savings to pay off present-day purchases is illegal and the promoters of schemes encouraging such a strategy are breaking...
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Asset transfer needless at LRBA conclusion
A legal specialist has confirmed retaining a property in a bare trust once a limited recourse borrowing arrangement (LRBA) has been paid back is permitted by law and doing so can provide more optimal...
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ATO adjusts trustee communication
The ATO has made a minor change to the way it communicates with SMSF trustees in an effort to combat identity fraud and scams. “Our short message service (SMS) alerts for changes made to an SMSF used...
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Multi-purpose deeds require caution
An SMSF lawyer has warned against the use of trust deeds featuring multi-purpose provisions as they are unnecessary and likely to complicate estate planning strategies. “We have seen a number of deeds...
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ATO issues record-keeping reminder
The ATO has issued a number of reminders for SMSF trustees around record-keeping and the lodging of annual returns highlighting the obligations related to these tasks. In the first of three updates...
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SMSF member longevity risk concern low
SMSF members are more confident they will not outlive their retirement savings than non-SMSF members, with three times more trustees expressing no concern about the matter compared to others, according...
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Retirement work hours applied strictly
An SMSF specialist has confirmed a person cannot average out the number of working hours per week as proof of satisfying the definition of being in retirement for the purpose of meeting a condition of...
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End-of-year reminders from ATO
The ATO has issued a series of reminders to SMSF trustees to ensure they meet their compliance obligations as the end of the financial year approaches. In the first instance, the regulator encouraged...
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Penalties severe for TRIS payment errors
A leading SMSF technical specialist has confirmed trustees who do not fulfil their obligation to adhere to the rules regarding minimum and maximum drawdowns from a non-retirement-phase...
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Action starting on unchanged asset values
SMSF trustees should accurately report changes in the value of assets held by their fund as the ATO will be checking they have done so as part of the lodgement of this year’s SMSF annual returns (SAR)....
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Laws impact overseas property holdings
SMSFs investing in property overseas must use specific internal structures within the fund for it to remain compliant and not breach the in-house asset rules, a technical expert has noted. Heffron...
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New trust reporting rules in effect
SMSF trustees holding units in a trust and receiving distributions are now required to comply with updated reporting requirements when the fund lodges its annual return. SMSF Association head of...
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Withdrawals can determine $3m cap liability
A specialist superannuation lawyer has confirmed the withdrawal of monies from an SMSF can allow members to avoid being caught by the proposed Division 296 tax. The affirmation was in response to...
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