SMSF NEWS

2019-20 Update on Super Rates and Thresholds

2019-20 Update on Super Rates and Thresholds 2019-20 Update on Super Rates and Thresholds 2019-20 Update on Super Rates and Thresholds, in brief, the ATO on 4 March 2019 have published the super rates and thresholds for the upcoming 2019/20 financial year. There is no change to the concessional contribution (CC) cap of $25,000. Whilst indexation from 1 …

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Top budget measures impacting SMSF professionals

Top budget measures impacting SMSF professionals Top budget measures impacting SMSF professionals. Beyond the big-ticket tax cuts and cash handouts, the federal budget had important proposals and promises for SMSF professionals. SMSF Adviser rounds up the measures that matter most to the SMSF sector. BDO partners, business services, Chris Balalovski said that the headline measures …

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2019 Federal Budget

2019 Federal Budget: What it means for Individuals 2019 Federal Budget: What it means for Individuals From NAB Business Research and Insights 3rd Apr 2019.Personal income tax cuts were the headline of the 2019 Federal Budget – along with a change to super contributions and a new work test age.By NAB Group Economics Treasurer Josh …

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Auditors will require more information on non-standard investments in future

Auditors will require more information on non-standard investments in future Auditors will require more information on non-standard investments in future Auditors require more information on investments as concerns about non-arm’s length income intensify following recent litigation cases. Audit cases prompt fears with new NALI (non-arms’s length income) measures, SMSFAdviser by Miranda Brownlee 12th November 2018 Concerns about …

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Quality controls flagged for auditors as regulator clamps down

Quality controls flagged for auditors as regulator clamps down Quality controls flagged for auditors as regulator clamps down SMSF auditors should consider new quality controls in 2019, given the regulator’s ongoing focus and recent court battles holding auditors liable for investment losses. – Accountantsdaily, SMSF Miranda Brownlee 17 January 2019 Speaking in a webinar, DBA Lawyers …

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Franking changes tipped to ‘strangle’ SMSFs

Franking changes tipped to ‘strangle’ SMSFs Franking changes tipped to ‘strangle’ SMSFs The federal opposition’s proposal to end refunds of excess imputation credits will potentially “strangle” existing SMSFs and drive them into retail and industry funds, says the Tax Institute. SMSF  Jotham Lian  04 December 2018 from www.accountantsdaily.com.au Speaking to Accountants Daily, the Tax Institute’s senior tax counsel, Professor Robert …

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Compliance Hotspots for SMSF 2018-19

Compliance Hotspots for SMSF 2018-19 Compliance Hotspots for SMSF 2018-19 Compliance Hotspots for SMSF 2018-19 from Shirley Schaefer, Partner BDO published in SMSF Adviser Magazine Nov/Dec 2018 What the ATO has on their Radar this year Late or Non-Lodgement of Tax returns. “The ATO has clearly done some work around this and SMSF trustees are realising that …

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Three-year SMSF audits: how auditors will be affected

Three-year SMSF audits: how auditors will be affected Three-year SMSF audits: how auditors will be affected Three-year SMSF audits: how auditors will be affected – By Alexandra Cain, – 26 Jun 2018, INTHEBLACK magazine – 26 Jun 2018 https://www.intheblack.com/articles/2018/06/26/three-year-smsf-audits Trustees will still have every year audited, but this would be completed once every three years. Experts says …

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Pension Loan Scheme

Pension Loan Scheme Pension Loan Scheme The pension loans scheme, From Tax & Super Australia Newsroom – https://taxandsupernewsroom.com.au/pension-loans-scheme/ To help pensioners who are asset rich but income poor, the government launched its own version of a financial product that has been commercially available for some time, the reverse mortgage. A reverse mortgage is a type of home loan …

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Insurance under SMSF

Insurance under SMSF Important tax time decision flagged for SMSF insurance Reported in SMSFAdviser News by Miranda Brownlee 16 July 2018 https://www.smsfadviser.com/news/16751-bt-flags-important-tax-time-decision-for-smsf-insurance. Instead of claiming tax deductions for life insurance premiums, SMSFs may want to claim a deduction for the future liability to pay death or disability benefits instead, according to a technical expert. BT …

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SMSFs to be required to have Retirement Income Strategy

SMSFs to be required to have Retirement Income Strategy SMSFs to be required to have Retirement Income Strategy SMSFs to be required to have Retirement Income Strategy from www.solepurposetest.com/news MAY 21, 2018 BY LUKE SMITH SMSFs would be required to develop a Retirement Income Strategy under changes to superannuation being developed by the Government. The Government has released …

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2018 Budget measure proposes annual audit change to once every three years

2018 Budget measure proposes annual audit change to once every three years 2018 Budget measure proposes annual audit change to once every three years SMSF Association Media Release – 8 May 2018 – Audits. The 2018 Budget measure that proposes a reduction in the annual audit requirement to once every three years for self-managed super …

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News from the Budget 2018

Budget to be released 8th May 2018 – tipped to see aged care policy changes News from the Budget 2018 BUDGET 2018 SUPERANNUATION Big changes in superannuation in the Budget 2018 are designed to secure the retirement incomes of Australians. A 3 per cent annual cap on fees for accounts with less than $6,000 will …

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Budget to be released 8th May 2018 – tipped to see aged care policy changes

Budget to be released 8th May 2018 – tipped to see aged care policy changes Budget to be released 8th May 2018 – tipped to see aged care policy changes With the aged care space having undergone a number of major reviews recently, one aged care advice specialist predicts the government may introduce new policies …

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2018-19 Budget Submission

SMSF Association 2018-19 Budget Submission SMSF Association 2018-19 Budget Submission The SMSF Association welcomes the opportunity to make a pre-budget submission for the 2018-19 Federal Budget. As leaders of the SMSF sector, we believe the SMSF Association are able to offer insights on some key issues from the perspective of an industry that has grown to …

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Total super balance

Total super balance key transfer balance account report (TBAR) timing factor Total super balance key to transfer balance account report (TBAR) timing factor The total super balance of the individual members of an SMSF is the determining factor of how often a particular fund will have to complete a transfer balance account report (TBAR), rather …

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Asset test changes

Asset test changes hit middle-income earners Asset test changes – Self Managed Super Magazine Changes to the asset test rules for the age pension have had “significantly adverse and presumably unintended consequences” and dissuade middle-income wage earners from saving, according to the SMSF Association. Chief executive John Maroney said changes to the means test taper …

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Event-based reporting

Event-based reporting webinar Nov 2017 Event-based reporting webinar Nov 2017 Watch a video from a ATO webinar for SMSF’s about Event-based reporting, November 2017. Topics Consultation with industry and frequency of SMSF reporting from 1 July 2018 What is event based reporting? Why do we need event based reporting? What are the impacts for SMSFs? The reporting …

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super reforms smsf association approval

Super reforms get SMSF Association tick of approval Super reforms get SMSF Association tick of approval The SMSF Association has thrown its weight behind the superannuation reforms introduced into the Parliament last week, believing they will improve accountability and member outcomes. The Minister for Revenue and Financial Services, Kelly O’Dwyer, introduced a raft of changes …

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Strategies To Maximise Retirement Income

Strategies To Maximise Retirement Income Strategies To Maximise Retirement Income Four Strategies To Maximize Your Retirement Income Joel Johnson, CONTRIBUTOR. From www.forbes.com – Opinions expressed by Forbes Contributors are their own. The main concern that people have in or near retirement is running out of money. There are many strategies people can employ to ensure a successful retirement. …

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CGT relief not for all assets

CGT relief not for all assets CGT relief provisions do not apply to all assets that the SMSF owns. SMSF advisers and trustees must be aware the capital gains tax (CGT) relief provisions contained in the super reforms do not apply to all assets the fund owns, a technical expert has said. Speaking at the …

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Super Changes Reshape Succession Planning

Super Changes Reshape Succession Planning Super Changes Reshape Succession Planning From 1 July 2017, the need for specialist advice is as important as ever, with the introduction of the transfer balance cap (TBC) impacting on the amount of death benefits that a beneficiary can receive as an income stream. Clients who have already put plans …

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ato set smsf guidance

ATO set to release further guidance outlining circumstances for SMSF to establish and maintain a reserve. ATO set to release further guidance outlining circumstances for SMSF to establish and maintain a reserve. In light of the 1 July changes, regarding the new transfer balance cap of $1.6 million the ATO has updated its frequently asked …

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CGT Relief Segregated & Proportionate Method

CGT Relief Segregated & Proportionate Method CGT Relief Segregated & Proportionate Method What is the CGT relief all about?Superannuation funds that are paying pensions currently receive a very valuable tax break. They pay no income tax on rent, interest, dividends, capital gains etc. they earn on the assets they have invested to support pensions. What …

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Latest Guide to Holding Insurance in an SMSF – Tax and other considerations

Latest Guide to Holding Insurance in an SMSF – Tax and other considerations Latest Guide to Holding Insurance in an SMSF – Tax and other considerations There are several benefits associated with acquiring insurance within an SMSF, such as life insurance and total and permanent disablement (TPD) insurance. For example, the benefits of acquiring insurance …

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Assets-Pension-Income-Super

Assets-Pension-Income-Super Assets-Pension-Income-Super Assets  count with the aged pension The aged pension is always changing and the increase to soon of $38.50 per fortnight for singles and $27 per fortnight for couples will help the increasing costs of living. Two assessments are used for pensioners: Assets based Assets cut-off point for a homeowner couple is currently …

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SMSF Satisfaction Rates Soar

SMSF Satisfaction Rates Soar SMSF satisfaction rates soar above disgruntled retail and industry fund members: Roy Morgan (as reported in the Property Observer) he government’s proposed changes to superannuation are likely to impact on the most satisfied account holders, the latest Roy Morgan Research Superannuation Satisfaction report suggests. The government proposes a tax of 15% on …

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Paying Benefits from a Self Managed Super Fund

Paying Benefits from a Self Managed Super Fund Paying Benefits from a Self Managed Super Fund As reported on the ATO Website 7/5/2013Commissioner’s foreword At some stage your self-managed super fund will have one or more members enter the retirement phase. It also means you need to be aware of the additional responsibilities you have …

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Super Tax and the Family Home

Super Tax and the Family Home When the family home and super can incur tax With property and superannuation the two most widely held and potentially valuable assets among the baby boomers, it makes sense that a portion of either of these could be passed to future generations. While there is no such thing as …

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SMSF CHANGES 2013

SMSF CHANGES 2013 ATO SMSF FINES AND PENALITIES From July 1st 2013 the ATO will be able to directly tax and fine trustees, and potentially complicit accountants and advisors, for breaches in their fund. Fines start from $850 and, depending on the type and number of breaches, can extend into the tens of thousands of $$$. Before you ask, the …

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Government Budget May 2014 Superannuation Commentary

Government Budget May 2014 Superannuation Commentary Government delivers tough 2014-15 Federal Budget Refunds of excess non-concessional contributions, changes to the Super Guarantee and tighter rules on qualifying social security benefits were the main Budget announcements to impact on superannuation this year.  These changes, along with others, should provide a Budget deficit of just under $30 …

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SMSFs face higher future tax bills after super changes

Super changes – Future Tax Bills SMSFs face higher future tax bills after super changes Property laden self-managed super funds face the prospect of higher tax bills following super changes announced by Superannuation Minister Bill Shorten last week. Mr Shorten announced that super income streams over $100,000 will be taxed at a concessional rate of …

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