SMSF tax software to calculate CGT
From www.afr.com: A reader inquires about the challenges faced in calculating capital gains tax on incremental share purchases managed by his accountant, who still relies on manual methods.… read more
Superannuation
Millennials driving SMSF establishments
From financialnewswire.com.au: Self-managed superannuation funds make up over 25% of Australia’s superannuation industry, with Millennials and Generation X driving new fund establishments, accounting for 85% of the total in the last six months of 2024.… read more
Can alternative assets improve retirement readiness?
From www.fssuper.com.au: Defined benefit plans aimed to ensure adequate retirement funds, but the shift to defined contribution (DC) plans raises concerns about employees’ retirement readiness.… read more
Advised SMSFs favour blue chips in early 2025 trading
From www.smsfadviser.com: Advised SMSFs in early 2025 favored a diverse range of blue chip stocks, including Woolworths and Westpac, as well as the VanEck MSCI International Quality ETF, while non-advised SMSFs primarily invested in mining stocks like BHP and Fortescue.… read more
Fund CIO says crypto is a ‘joke gone too far’
From www.superreview.com.au: John Pearce, the CIO of UniSuper, has labelled the recent crypto rally as a “sign of irrational exuberance” and asserting that the fund’s members’ savings would not be invested in such assets.… read more
Ask clients the right questions before establishing an SMSF
From www.smsfadviser.com: Before establishing an SMSF, clients must determine if it is the best option for their financial goals and if they can manage the associated responsibilities.… read more
SMC warns against Bragg’s proposals
From www.superreview.com.au: The Super Members Council (SMC) has warned that proposals from Senator Andrew Bragg could jeopardize the existence of profit-to-member superannuation funds, which serve around 11 million Australians.… read more
FAAA: reminds ATO on general advice payment rules
From financialnewswire.com.au: The Financial Advice Association of Australia (FAAA) has reminded the Australian Taxation Office (ATO) that superannuation funds cannot directly charge members for general advice.… read more
APRA’s ability to disqualify super fund CEOs
From financialnewswire.com.au: The Australian Prudential Regulation Authority has confirmed its ability to disqualify chief executives of superannuation funds under certain circumstances, specifically regarding compliance failures with the Superannuation Industry (Supervision) Act 1993.… read more
Lump sum disability payment reduces taxable component
From www.smsfadviser.com: Payment of a lump sum disability benefit can reduce the taxable component of an individual’s superannuation, potentially to nil, according to expert David Busoli.… read more
Business real property has to meet 2 conditions
From www.smsfadviser.com: Business real property in a SMSF must meet two conditions.
The first condition is that the SMSF must hold an eligible interest in the real property, and the second condition requires that the property is used wholly and exclusively for business purposes.… read more
ART considers what is a disability super pension
From www.smsfadviser.com: A recent Administrative Review Tribunal decision clarified what constitutes a disability superannuation pension, leading to potential confusion regarding tax concessions.
The tribunal ultimately ruled that while the taxpayer’s benefits were for disability, they did not qualify for concessional tax treatment as they were categorised as a superannuation income stream rather than a lump sum.… read more
Bragg report raises insolvency risk for industry funds
From www.professionalplanner.com.au: The third interim report from the Senate Economics References Committee suggests that superannuation funds should be banned from raising capital from members and required to obtain funding from shareholders to cover fines and compensation for mismanagement.… read more
Aged care reforms: Access to advice
From www.ifa.com.au: As the new Aged Care Act prepares to take effect on July 1, 2025, a financial adviser emphasises the critical need for access to financial advice to help Australians navigate the forthcoming changes.… read more
Title search required to prove SMSF ownership
From www.smsfadviser.com: A recent legal case highlights the documentation required to prove property ownership in SMSF audits.
Relying on a so-called “cumulative effect” of a rates notice, loan statement, and rental statement is considered insufficient.… read more