News

Strategy

Government finally adopts SG measure

The 2018 federal budget measure allowing individuals earning in excess of $263,157 a year from multiple employers to nominate a single employer from where super guarantee (SG) contributions will be made has been described by an industry technical expert as a common-sense move that should have been implemented years earlier.

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Compliance & Regulation

Trustees need to be wary of unlawful schemes

SMSF trustees and members must be vigilant about being the target of promotions for unlawful schemes and arrangements that appear legitimate, according to the ATO.

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Direct Property

Property listings, prices dip

The latest SQM Research figures show national residential listings fell by 3.8 per cent in April, totalling 325,147, while asking prices for property dropped over the month.

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Strategy

Terminal illness should trigger super review

SMSF trustees and members should contemplate difficult issues, such as what will happen to the money in their fund if they are diagnosed with a terminal illness, as there are tax advantages to consider, a superannuation expert has said.

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Retirement

TRIS conversion should be considered

SMSF trustees and members should consider converting a transition-to-retirement income stream (TRIS) into an account-based pension (ABP) as the former is no longer classified as a retirement income product, according to an industry expert.

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Compliance & Regulation

Imputation credits policy fails fairness test

Wastepaper basket.
&

The SMSF Association has labelled the federal opposition’s proposal to abolish cash refunds for excess imputation credits often claimed by superannuants as an unfair strategy purely aimed at SMSFs.

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ATO

ATO releases reserves guidance

The ATO has issued an SMSF Regulator’s Bulletin detailing its stance on the use of reserves in SMSFs.

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Residential Property

Residential property owners look to cash in

The latest SQM research into the residential property market has shown an increase of 6.3 per cent in market listings during March.

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Compliance & Regulation

TBAR double counting bears tax penalty risks

The different rules governing the transfer balance account report (TBAR) for SMSFs compared with Australian Prudential Regulation Authority (APRA)-regulated super funds may easily lead to attracting an excess transfer balance cap determination and the associated tax penalty, a technical expert has warned.

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Residential Property

New scheme may facilitate third-party assistance

The First Home Super Saver Scheme (FHSSS) introduced as part of the 2017 federal budget could potentially provide a welcome avenue for third parties to assist in the purchase of a residence for younger family members, a technical expert has said.

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