News : SMSF

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.

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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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Investments, Retirement, SMSF

SMSF member longevity risk concern low

SMSF Vanguard/Investment Trends SMSF report

The level of confidence SMSF members have that their retirement savings will be sufficient to last their lifetime is three times higher than for those without a fund, new research has found.

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ATO, Documentation, SMSF

ATO issues record-keeping reminder

ATO Record-keeping Changes SMSF SMSF annual return

SMSF trustees need to be aware of the annual return lodgement date and check how current fund records and the information are provided to the ATO.

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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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ATO, SMSF

ATO adjusts trustee communication

ATO SMS SMSF Communication

The ATO has notified SMSF trustees it has changed the content of its text alerts in order to prevent scams.

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LRBA, Property, SMSF

Asset transfer needless at LRBA conclusion

LRBA Property SMSF

Properties acquired using an LRBA need not automatically be transferred from a bare trust into an SMSF once the loan has been paid back.

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ATO, Compliance & Regulation, SMSF

Illegal early access fact sheet released

ATO SMSF Illegal early access

The ATO has issued a fact sheet to remind SMSF trustees not to use the services of people promoting access to superannuation before they are eligible to withdraw it.

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ASIC, Cryptocurrency, SMSF

Crypto mining scheme called out

Cryptocurrency Blockchain mining ASIC NGS Companies

ASIC has commenced legal action against three blockchain mining companies that encouraged individuals to transfer their entitlements into SMSFs and convert them into cryptocurrency.

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