Compensation reforms include SMSF levy
SMSFs will be captured by the special levy model used to fund the CSLR but will only be required to pay a nominal amount.
SMS Magazine
The Premier Self-Managed Super Magazine
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CSLR ‘but for’ loss removal welcomed
Industry associations are broadly pleased compensation from the CSLR will be applied to actual rather than hypothetical losses.
Bendel case implications noted
The SMSF Association has pointed out to the ATO the potential repercussions the Bendel case decision might have for the sector.
Blended funds cloud recontribution plans
Withdrawal and recontribution strategies as a Division 296 management approach need careful consideration with blended family SMSFs.
SMSF consumer protections welcomed
Changes to protect SMSF trustees and not saddle the sector with further costs or compliance have been welcomed by the SMSF Association.
Govt announces new fund safeguards
The establishment of new SMSFs will require greater disclosure by trustees of their obligations, plans and advice fees.
Commercial property now more attractive
Using gearing arrangements to invest in commercial real estate has increased among SMSFs since the change in the LRBA rules.
Court overturns ART tax agent decision
The Administrative Review Tribunal will review the banning of a tax agent who didn’t meet his SMSF’s tax obligations after its initial ruling was overturned.
Unique situations need specific records
Trustees using a specific approach to income allocation among members are unlikely to be able to rely on generic documentation to record the action.
Property usage must be clear
The shift to limit LRBAs to business real property means current and future investors must understand the correct use of those assets.