News : Compliance & Regulation

ATO issues LCRs relating to legal amendments

January 9, 2019

The ATO has published two new law companion rulings (LCR) on its legal database addressing legislative amendments currently being considered by the federal Parliament. LCR 2018/D10 is a draft ruling revealing how the commissioner will apply the law as determined by the Treasury Laws Amendment (2018 Superannuation Measures No 1) Bill with respect to non-arm’s-length […]

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ATO, Compliance & Regulation

ATO gives SMSF sector a healthy assessment

December 10, 2018

Krystine Lumanta

The ATO has given the SMSF sector a clean bill of health amid the super reform challenges as it looks to lift trustee education and literacy in the next 12 months.

ALP changes to hit current property investors hard

December 10, 2018

Malavika Santhebennur

Research house RiskWise has disputed the federal opposition’s claims its proposed changes to negative gearing and capital gains tax (CGT) will not impact on existing investors as the measures will be grandfathered.

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Compliance & Regulation

Government moves to fix legal anomalies

November 7, 2018

Darin Tyson-Chan & Krystine Lumanta

The federal government has announced it will be amending the current superannuation legislation to correct a few irregularities that have led to poor and inconsistent outcomes for SMSF trustees.

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Compliance & Regulation, Investments

Govt to launch franking credit inquiry website

November 7, 2018

Darin Tyson-Chan

The federal government will soon establish a website to encourage all concerned parties to express their views to the House of Representatives Standing Committee on Economics inquiry into the proposed removal of franking credit refunds for certain individuals.

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Compliance & Regulation, Retirement

ATO reserves position contrary to law

November 7, 2018

Darin Tyson-Chan

The ATO’s current stance on the elimination of some existing reserves runs contrary to the law and may result in SMSF trustees having to set up an accumulation account to ensure compliance in this area, a technical expert has said.

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Compliance & Regulation, Retirement

Disregarded small fund asset awareness needed for ECPI

November 7, 2018

Darin Tyson-Chan

SMSF trustees need to consider the new rules pertaining to disregarded small fund assets when assessing whether an actuarial certificate will be needed to claim exempt current pension income (ECPI), an industry technical expert has said.

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Compliance & Regulation

Inquiry to probe scrapping franking credit refunds

October 9, 2018

Malavika Santhebennur

The House of Representatives Standing Committee on Economics has announced an inquiry into the impact of removing refundable franking credits.

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Compliance & Regulation

SuperStream could create SMSF contributions issue

October 9, 2018

Krystine Lumanta

The extension of SuperStream to SMSFs will be a positive development for rollovers, however, the inclusion of contributions will be problematic, a technical expert has warned. At the recent Chartered Accountants Australia and New Zealand 2018 National SMSF Conference, SuperConcepts technical services and education general manager Peter Burgess said the draft regulations seek to remove […]

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Compliance & Regulation

SMSF must keep constant NALI watch

September 12, 2018

Darin Tyson-Chan

SMSF trustees must be mindful of the new non-arm’s-length income (NALI) rules when assessing fund strategies so as not to pay maximum levels of taxation, a sector expert has warned.

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