From www.smsfadviser.com: The ATO Commissioner has updated guidance on limited recourse borrowing arrangements which highlights the need for careful review of non-ADI offset accounts to ensure compliance with superannuation law.… read more
From financialnewswire.com.au: The introduction of a $3 million superannuation tax concession cap and taxation on unrealised capital gains is shifting investments towards exchange-traded funds.
The policy may inadvertently impact many Australians, including those in their 30s and 40s and smaller fund members, due to the cumulative tax burden.… read more
From www.dbalawyers.com.au: The ATO can disqualify an individual from managing a self-managed super fund after serious contraventions, as demonstrated in the case of Oladokun Omibiyi, who frequently withdrew SMSF funds for personal use without rectifying the issues.… read more
From www.dbalawyers.com.au: The ATO clarifies that offset accounts associated with limited recourse borrowing arrangements are permissible under superannuation law if they are offered by authorised deposit-taking institutions.… read more
From switzer.com.au: Dr. Jim’s super tax introduces changes that target individuals with over $3 million in super, including taxation on unrealised capital gains.
It has sparked political debate and concern about its impact on Australians, financial markets, and business sectors.… read more
From www.smsfadviser.com: The Bendel decision may affect SMSFs regarding in-house assets, particularly involving loans to related parties, according to legal expert Shaun Backhaus.
He explains that the SIS Act’s broader definition of “loan” encompasses various financial arrangements beyond traditional lending, which could complicate investments in unit trusts for SMSFs.… read more
From www.smsfadviser.com: SMSFs with limited recourse borrowing arrangements should review their compliance with ATO safe harbour rates before the 30 June deadline.
In a declining interest rate market, many related-party loans may not align with current market rates, potentially triggering non-arm’s length issues.… read more
From www.khq.com.au: ASIC has proposed to remake three financial advice-related legislative instruments set to expire on October 1, 2025, aiming to consolidate them into one document with minor changes.… read more
From www.accountantsdaily.com.au: The Australian government plans to introduce a Payday Super regime starting 1 July 2026, requiring employers to pay superannuation contributions simultaneously with salary payments, a shift from the current quarterly system.… read more
From smsmagazine.com.au: Financial advisers should remind clients with account-based pensions to report any decrease in their pension balances to Centrelink, as this could increase their age pension entitlements.… read more
From www.smsfadviser.com: Accurate asset valuations are essential for compliant SMSF management, ensuring that members understand their retirement savings and maintaining regulatory compliance.
The ATO mandates that all assets be valued at market value as of 30 June each year, and trustees are responsible for these valuations, although professional assistance may be required in certain situations.… read more
From www.smsfadviser.com: Documentation of estate planning materials, particularly regarding wills and binding death benefit nominations (BDBNs), is essential to ensure their validity.
Many cases face challenges due to errors in compliance with legislative requirements, such as improper witnessing or lack of notification to trustees.… read more
From www.smsfadviser.com: A death benefit payment is levied on the recipient, not the fund, but the fund must withhold taxes if the payment goes to an individual.… read more
From www.smsfadviser.com: Peter Burgess, CEO of the SMSF Association, stated that reports of panic selling among SMSFs due to the proposed $3 million super tax are not surprising.… read more
From sladen.com.au: Division 296, which is a proposed tax regulation, raises questions about the timing and strategy for superannuation withdrawals, as benefits may need to be modeled against potential tax implications.… read more