Amendments made last year changed the rules as to when complying super funds including SMSFs will derive non-arm’s length income (NALI).
Read more: SMSFs derive non arm’s length income under s295-550
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Hunter Partners are Accountants Tax Agents and Financial Planners
Business Finance, Business Tax, GST, HR and Management, Personal Tax, Sales and Marketing, Super and Financial Planning
Consolidating superannuation, by some estimates there are around $20.8bn in lost and unclaimed super in Australia. The last financial year saw $4.38bn worth of lost super reunited with their owners across 537,000 accounts.
Read more: Consolidating superannuation involves taking risks
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In a recent regulator bulletin outlining ATO’s concerns about new and emerging arrangements that pose potential risks to SMSF trustees and their members, the growth in SMSF property development was highlighted as a main issue.
Read more: SMSF property development arrangments on ATO radar
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SMSF improvements that were proposed by the Government before the disruption of the Coronavirus epidemic are are again on the drawing board. The government confirmed it would go ahead with various proposals to improve the SMSF and super sector including flexibility measures. This included increasing the SMSF member limit, changes to the work test, bring forward rule and spousal contributions.
Read more: SMSF improvements proposed by Government are coming
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SMSF reduces rent, breaches compliance rules. After previously providing business with administrative concessions, the ATO has now moved to provide some concessions and advice to SMSFs during this pandemic.
Read more: SMSF reduces rent and breaches compliance rules
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ATO top mistakes. While the due date for SMSF annual returns depends on the particular fund, if you had an SMSF at 30 June 2019 or has wound up an SMSF during the last financial year, you will need to lodge a return.
Read more: ATO top mistakes when lodging your SMSF annual return
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SMSF investment strategy. While many trustees will know that self-managed super funds (SMSFs) are required to prepare and implement an investment strategy, what they may not know is that specific factors have to be considered in forming the investment strategy including the risk of inadequate diversification.
Personal Tax, Self-Managed Superannuation Funds
Read more: SMSF investment strategy has diversification requirements
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Super guarantee, Government acts to close a loophole that allowed employers to use salary sacrificed contributions to make up part of their required super guarantee contributions has been closed.
Read more: Super guarantee, Government acts to close a loophole
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Consumers to have better protection under new ASIC powers. In response to the recommendations of the Banking and Financial services Royal Commission and the ASIC Enforcement Review Taskforce Report, the government has proposed new enforcement and supervision powers for ASIC to restore consumer confidence in the financial system, particularly in relation to financial advice.
Personal Tax, Super and Financial Planning
Read more: Consumers to have better protection under new ASIC powers
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Superannuation savings increased by no cost strategies. With all the pandemonium of the holiday season and the end of the year rush, your super is probably the last thing on your mind. However, this is precisely the right time to think about implementing some strategies to increase your super for the coming year.
Read more: Superannuation savings increased by no cost strategies
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