News : Strategy

Retirement, Strategy

Balance equality boost from new rules

SMSF balance work test

It will be easier for spouses who are members of the same SMSF to even up their superannuation balance in the 2023 financial year due to the change in the work test rule.

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ATO, Strategy

Delayed allocations not Part IVA

Contributions reserves Part IVA

The use of contributions reserves has a very low probability of having the ATO consider it a tax avoidance arrangement.

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Strategy, Superannuation

Downsizer contribution misconception clarified

downsizer contribution assets

Downsizer contributions will not be restricted only to funds secured from a property sale, with the ATO confirming its focus is on the amount and eligibility of the contribution.

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Strategy, Superannuation

Recontribution strategy can help retain assets

recontribution retain SMSF assets

The ability to retain key assets within an SMSF upon the death of a member can be assisted through the use of a withdrawal and recontribution strategy, a technical manager has said.

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Documentation, Strategy

Court orders essential for divorce proceedings

divorce court order SMSF

A court order should be sought by SMSF trustees going through a divorce as an asset protection measure, an SMSF technical expert has said.

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Strategy

Separate SMSFs an internal conflict solution

Separate SMSFs member conflicts

A specialist lawyer has suggested establishing separate SMSFs can help avoid member conflicts while still achieving the desired investment objectives.

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Investments, Strategy

State law can cloud investment strategy

SMSF investment strategy

State-based laws could add a layer of complexity to the compliance regarding SMSF investment strategies, according to an industry lawyer.

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Strategy

Unused concessional cap a reserve elimination tool

unused concessional cap reserve

A technical expert has advised rules that allow individuals to carry forward their unused concessional contributions cap for five years if their total super balance is below $500,000 can help to get rid of SMSF reserves.

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Strategy

Corporate trustee not foolproof

Significant events such as having a fund member die can highlight the flaws contained within a corporate SMSF trustee structure, according to an industry strategy specialist.

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Retirement, Strategy

Work test, contribution bring forward rules eased

The work test rule and the ability to use the bring forward provision for non-concessional contributions have been eased for people aged 66 and 67.

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