News : Compliance & Regulation

Auditing, Compliance & Regulation

Rectified breaches still require an ACR

An SMSF compliance breach that has been rectified in the year in which it occurred will still have to have an ACR lodged for it with the ATO.

read more
Compliance & Regulation, Pensions

TRIS strategy seen as a compliance concern

TRIS ATO Pension Strategy Transition-to-retirement

Starting and stopping a transition-to-retirement income stream multiple times in one year may trigger compliance issues for an SMSF.

read more
Compliance & Regulation, Retirement

Role change can’t count as retirement

SIS Regulation Retirement condition of release preservation age IFPA Natasha Panagis

A change of employment conditions of a super fund member aged 60 will not satisfy a retirement condition of release in most cases.

read more
ATO, Compliance & Regulation, Property

Tardy related-party rent a compliance risk

Related-party Rent Sole purpose test Superannuation Industry (Supervision) (SIS) Act

SMSFs receiving rental income from a related party cannot allow these payments to fall behind in as it may represent a breach the sole purpose test.

read more
ATO, Compliance & Regulation

ATO flags reporting deadlines

ATO SMSF annual return Self-managed superannuation Asset valuation

SMSF trustees have been reminded of the obligations they need to satisfy before lodging their fund’s annual return for the 2023/24 income year.

read more
Compliance & Regulation, Economy

General TBC expected to hit $2 million

Transfer balance cap CPI Consumer price index Inflation SMSF Self-managed superannuation

Inflation has risen enough to indicate the general transfer balance cap will increase again at the start of the of 2026 financial year.

read more
ATO, Compliance & Regulation, SMSF, Tax

New trust reporting rules in effect

SMSF Self-managed superannuation Unit trust Modernisation of Trust Administration Systems Annual return SMSF Association Tracey Scotchbrook

New ATO reporting rules for SMSFs receiving trust distributions are now in effect, impacting lodgements for the 2024 income year onwards.

read more
Compliance & Regulation, Investments, Property, SMSF

Laws impact overseas property holdings

Overseas property 13.22C entity In-house asset Sole purpose test SMSF Self-managed superannuation

While SMSFs can invest in property overseas, Australian laws may consider such an action a breach of trustee obligations and caution should be exercised.

read more
Compliance & Regulation, LRBA

Safe harbour rates to rise

LRBA Interest rates Safe harbour Related-party loans SMSF self-managed superannuation

The safe harbour interest rates for related-party loans under an LRBA have increased slightly for the next financial year, avoiding the sharp rise of 12 months ago.

read more
Compliance & Regulation, Pensions, SMSF

Penalties severe for TRIS payment errors

TRIS Retirement-phase pension Maximum drawdown Minimum drawdown ECPI

Trustees who do not observe the minimum and maximum payment thresholds for a non-retirement-phase TRIS will be subject to harsh penalties.

read more

Our Story

selfmanagedsuper is the definitive publication covering Australia’s SMSF sector. It uniquely offers online content tailored separately for SMSF professionals and individual trustees participating in the fastest growing and largest sector of the superannuation industry. As such, it is a must read for those wanting to stay informed about the latest news, regulatory developments, technical strategies, investments, compliance, legal and administration issues concerning SMSFs.

Copyright © SMS Trustee News 2024

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.