News : SMSF

ATO, Compliance & Regulation, SMSF

ATO reveals set-up flags

ATO SMSF review Set-up establishment Insolvency Dishonesty

The ATO’s decision to review an application to set up an SMSF is largely driven by the history and circumstances of the individuals involved.

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ATO, SMSF, Superannuation

Drawdown approval contemplated

SMSF ATO Illegal early access withdrawal approval

In an effort to curb cases of illegal early access, the ATO may introduce an additional compliance requirement before funds can be released from an SMSF.

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ATO, Compliance & Regulation, SMSF

Raw diamonds not personal use assets

ATO diamonds SMSF personal use asset collectable

The ATO has provided guidance on the status of pink diamonds inside an SMSF and has noted trustees should give proper consideration to how they are insured and stored.

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Legislation, SMSF, Tax

Liquidity risk of new tax quantified

SMSF Association Superannuation earnings tax liquidity

New SMSF Association-commissioned research has indicated the tax on super balances over $3 million will result in liquidity risk.

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Legislation, SMSF, SMSFA

Residency rules need changing now

SMSF residency rules

The SMSF Association has urged the government to complete reforms to the residency rules first put forward by its predecessors two years ago.

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Auditing, SMSF

SMSFs maintain their value

SMSF costs Class benchmark report

The cost-effectiveness of SMSFs has continued to be drawn out, with new research showing fund expenses total less than 1 per cent of assets despite increases in underlying investment fees.

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SMSF, SMSFA, Tax

More sectors discuss soft cap issues

$3 million soft cap SMSF Association

The SMSF Association is engaging other industry bodies to help its campaign to have the government change the calculation method for the $3 million soft cap.

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Private Assets, SMSF, Strategy

Segregation for single assets barred

Single asset segregation SMSF

A single asset cannot be treated in a manner that allows it to support some SMSF members in accumulation phase and others with a pension account.

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Compliance & Regulation, Contributions, SMSF

Acceptance rules the contribution priority

superannuation contributions acceptance rules

Before advising clients on superannuation contributions, SMSF practitioners should first consider the acceptance rules trustees are bound by.

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