News : Administration

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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Administration, ATO, Auditing, Compliance & Regulation

Valuations focus to intensify

ATO SMSF asset valuations

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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Administration, Strategy, Superannuation, Tax

Deductibility of deed changes not uniform

Tax deductibility Trust deed amendment legal expenses

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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