News : SMSF

Legislation, SMSF, Tax

MPs raise Div 296 tax worries

Division 296 tax Self-managed superannuation SMSFs Teal Independents Farmers amendments

The teal independents have raised several concerns regarding the proposed Division 296 tax and called for urgent changes to mitigate its impact on SMSFs.

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ATO, SMSF

ATO makes SMSF courses available

ATO SMSF Self-managed superannuation Educational courses Set up Wind up

The ATO has launched two educational courses on its website to guide SMSF trustees through setting up or winding down a fund.

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Legislation, SMSF, Strategy, Tax

Withdrawals can determine $3m cap liability

Withdrawal Total superannuation balance Division 296 tax DBA Lawyers Bryce Figot

SMSF drawdowns can allow members to maintain a total super balance of $3 million or less and escape a Division 296 tax liability.

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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.

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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.

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ATO, Auditing, SMSF

Action starting on unchanged asset values

SAR SMSF annual return ATO unchanged asset values

The ATO has issued letters to SMSFs that continue to report unchanged asset values and will be focusing on this year’s annual returns.

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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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