News : Compliance & Regulation

Compliance & Regulation, CSLR, SMSFA

CSLR levy amount forecast

The government will most likely include SMSFs under any special levy deployed to fund claims currently before the CSLR.

The government will most likely include SMSFs under any special levy deployed to fund claims currently before the CSLR.

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Compliance & Regulation, Division 296

Div 296 procedure clarified

More specificity has been provided in the final Division 296 regulations with regard to the need to obtain an attribution certificate for earnings.

More specificity has been provided in the final Division 296 regulations with regard to the need to obtain an attribution certificate for earnings.

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Annual return, ATO, Compliance & Regulation, Regulation

Missing information a SAR problem

Incorrect or missing information is a common cause of problems with SMSF annual returns and more care should be taken before lodging them.

Incorrect or missing information is a common cause of problems with SMSF annual returns and more care should be taken before lodging them.

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CGT, Compliance & Regulation, Division 296

Div 296 affects marriage breakdowns

Arrangements to facilitate family law splits upon relationship breakdowns may need reworking in light of the introduction of the Division 296 tax.

Arrangements to facilitate family law splits upon relationship breakdowns may need reworking in light of the introduction of the Division 296 tax.

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Compliance & Regulation, Legislation, Regulation

Lodgement confirmed as a trustee duty

An SMSF trustee was unsuccessful in an appeal against his failure to lodge fund returns by blaming his accountant for the problem.

An SMSF trustee was unsuccessful in an appeal against his failure to lodge fund returns by blaming his accountant for the problem.

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Compliance & Regulation, Legislation, Payday Super, Superannuation, SuperStream

Prompt ESA action required

SMSFs switching ESAs should act in the coming days to ensure they are not caught out by delays that lead to contribution issues under Payday Super.

SMSFs switching ESAs should act in the coming days to ensure they are not caught out by delays that lead to contribution issues under Payday Super.

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CGT, Compliance & Regulation, Division 296, Legislation, Strategy, Tax

Cost base change right for net gain SMSFs

The decision as to whether to use the Division 296 CGT cost base adjustment should be automatic if an SMSF portfolio is reflecting a net gain.

The decision as to whether to use the Division 296 CGT cost base adjustment should be automatic if an SMSF portfolio is reflecting a net gain.

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Compliance & Regulation, Contributions, Legislation, Payday Super

SMSFs must obey Payday Super deadlines

The status of an SMSF as a related-party fund will not negate the need for SG contributions to be paid to it within seven days under the Payday Super rules.

The status of an SMSF as a related-party fund will not negate the need for SG contributions to be paid to it within seven days under the Payday Super rules.

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Compliance & Regulation, CSLR, Legislation, SMSF, SMSFA

CSLR levy on SMSFs defies consumer law

Requiring SMSFs to pay to access the CSLR is likely to breach consumer laws and blames them for losses caused by other parties.

Requiring SMSFs to pay to access the CSLR is likely to breach consumer laws and blames them for losses caused by other parties.

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ATO, Compliance & Regulation, Pensions

Do not rely on pension breach discretion

Relying on having the ATO exercise its discretionary powers to waive a breach of the pension payment standards is not a dependable strategy.

Relying on having the ATO exercise its discretionary powers to waive a breach of the pension payment standards is not a dependable strategy.

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