News : Administration

Administration, Trusts

SMSFs with unrelated parties imprudent

The establishment of an SMSF incorporating unrelated parties for joint investments is ill-advised and can complicate member disputes.

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Administration

New cash account option for SMSFs

SMSF Self-managed superannuation Cash management account Australian Military Bank DIY Super Saver Dina Mok

A small bank servicing the defence sector has made its SMSF cash account available to any trustee with the promise of a more competitive interest rate.

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Administration, BDBN

Limits on EPOAs recommended

EPOA Enduring power of attorney Binding death benefit nomination SMSF trust deed

It is prudent to place limits on any enduring power of attorney regarding an SMSF, particularly when estate planning strategies are involved.

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Administration, ATO, SMSF

End-of-year reminders from ATO

ATO SMSF annual return Minimum pension payment self-managed super

SMSF trustees have been reminded to check the accuracy of their fund details on the SMSF annual return before lodging and ensure they pay members the minimum pension amount by 30 June.

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Administration, Compliance & Regulation, SMSF

Retirement work hours applied strictly

SMSF Definition of retirement Work hours self-managed super

The maximum number of hours associated with retirement status is an unwavering measure applied per week and not over a longer period of time.

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Administration, BDBN, SMSF

Multi-purpose deeds require caution

Trust deed Multi-purpose BDBN SMSF

SMSF trust deeds covering multiple parameters for certain actions of the fund need to be given particular attention from a compliance perspective.

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Administration, SMSF, Tax

Capital gain classification key to tax benefit

Capital gains Capital gains tax Offset capital gains tax deferred notional gains SMSF

The tax position of an SMSF can be maximised by recognising the types of capital gains ineligible to have the allowable discount applied to them.

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Administration, Auditing, Compliance & Regulation, SMSF

Many solutions for in-house assets

In-house assets SMSF rectify

Trustees do not need to obey the letter of the law when looking to rectify a breach of the in-house asset rules from a practical perspective.

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Administration, Documentation, Legislation

Wet signatures reduce litigation risk

Trust deed deed electronic execution

Electronically signing a deed may expose it to litigation allowable under a state or territory outside of where the document was initially executed.

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Administration, Auditing, Legislation, Tax

Valuation manipulation a compliance issue

Market value SIS regulation 8.02B Division 296 tax superannuation earnings tax

Attempting to avoid the impact of the $3 million soft cap tax by providing undervalued asset assessments is likely to create more problems for SMSF trustees than it solves.

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