News

ATO, Financial Advice, SMSF, Superannuation

Contributions deduction issue fixed

The ATO has corrected an error in its procedures with regard to allowing SMSF members to claim a tax deduction for personal contributions.

The ATO has corrected an error in its procedures with regard to allowing SMSF members to claim a tax deduction for personal contributions.

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SMSF, Superannuation, Trusts

Notes to SMSF accounts have critical role

ATO

The notes to the financial statements for an SMSF take on particular significance due to the special-purpose nature of these entities.

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Property, SMSF, Superannuation

Residential property growth to cool

residential property

The residential property market has been forecast to experience a lower rate of capital growth in 2025 compared to previous years.

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Pensions

Legacy pension relief approved

legacy pensions, five-year amnesty, tax-free commutation, legislative instrument, regulations, pension reserve, reserve allocations, self managed superannuation, self managed super, SMSF

Government plans to allow the commutation of legacy pensions are now in force after proposed changes were given royal assent this month.

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Auditing, Property

Short-stay lodging docs expected

Accurium, Anthony Cullen, audit, lease, residential property, Frank La Spada, Seamless SMSF, Short-stay accommodation, self managed superannuation, self managed super, SMSF

Acceptable documentation for audit purposes is obtainable for short-stay accommodation properties held within an SMSF as proof of compliance.

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Investments, Property

REITS in good place for revival

Market conditions have aligned to create an environment in which REITs can bring solid returns that include a decent portion of income.

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ETFs

New fixed income ETFs listed

Income Asset Management has released two new single-bond ETFs for the retail market and flagged more would be released in the first half of next year.

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Business news

Merry Christmas and Happy New Year

The entire smstrusteenews team wishes all of its readers a very Merry Christmas and a happy, healthy and prosperous New Year.

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Legislation, Superannuation

Objective of super now law

The legislation to enshrine an objective for superannuation has passed through parliament as part of a flurry of bills approved before the Senate ended its business for the year.

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Auditing, Compliance & Regulation

Rectified breaches still require an ACR

SMSF, Self-managed super, auditor contravention report, ACR, Accurium, Anthony Cullen, Seamless SMSF, Frank La Spada, compliance breach rectification

An SMSF compliance breach that has been rectified in the year in which it occurred will still have to have an ACR lodged for it with the ATO.

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