Commissioner acts on deceased estates dilemma
Sarah Kendell
The commissioner will exercise his rarely used remedial powers to allow tax agents access to deceased clients’ tax data, but practitioners
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Complications abound in death benefit gifting to grandchildren
SMSF trustees hoping to leave their super interests to their grandchildren should be aware that these need to be paid into their estate and
A third of high-balance SMSFs in ATO’s sights
Over a third of SMSFs with more than $40 million in assets have been investigated by the ATO for potential misuse of super tax concessions,
Sarah Kendell
Eggs, baskets and diversified SMSF investment strategies
The ATO wants to ensure that, when an SMSF has a significant majority of its investments in a single asset class, the trustees have consider
ASIC urges advisers to flag FASEA concerns
Advisers have been urged by the corporate regulator to raise concerns with their licensees around how their systems and controls may hinder
Benefit cashing rule causing confusion
A recent ruling from the ATO around the treatment of death benefits has been causing confusion for trustees that are commuting lump sums fro
ATO provides further trustee instructions on myGovID
The ATO has provided further instructions for SMSF trustees and directors around how they can prepare their funds for the advent of the myGo
Retirees face uncertain future
Australian retirees are spending less amid fears they are financially unprepared for retirement or that an economic slowdown could impact th
SMSF clients reject licensed advice
SMSF clients are rejecting the financial advice licensing system regardless of whether or not their accountant is qualified under limited li
Tax Office sounds warning on 8 types of super schemes
The Australian Taxation Office has earmarked a number of superannuation and SMSF schemes it says are under additional scrutiny for their abi
Sarah Kendell
New opportunities for employees to claim additional superannuation
Under the current rules, the maximum amount of “concessional” superannuation contributions that can be claimed is $25,000.00 per person
ATO NALI consultation raises more questions than answers
The ATO’s consultation around recent changes to NALI rules has raised more questions than answers, with industry participants struggling t
ATO reminds trustees on commutation due dates
The ATO has reminded trustees that they need to action commutation authorities for their pensions if they fall due during the Christmas shut
Take note of trustee job changes for new LRBA rules
SMSF trustees who change jobs after the age of 60 may be unintentionally caught in the new rules around adding outstanding LRBA balances to
ASIC hands down 6-year ban over dodgy SMSF advice
The corporate regulator has moved to ban a Melbourne-based financial adviser for six years after finding issues with his SMSF advice.
SG increases linked to higher wages
Increasing the super guarantee to 12 per cent is more likely to drive higher than lower wages for employees despite speculation to the contr
ASIC concedes Hayne error on personal advice
The corporate regulator has told a government committee that intra-fund advice is regarded as personal advice, contrary to the views of comm
Diversification not limited to SMSF investments
SMSF trustees are able to consider investments they have in other super funds or outside super entirely when formulating an investment strat
WA Supreme Court denies appeal to gain 70% of couple’s super
The Supreme Court of Western Australia has rejected a de facto spouse’s appeal to gain 70 per cent of her and her partner’s joint super
SMSF property expense claims carry risks
SMSF trustees seeking to charge expenses to their fund relating to a property owned by the SMSF should be aware that such costs are only tax
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