25 Aug 2022
Following the announcement by the ATO of a new streamlined transfer balance account reporting regime that will apply to all SMSFs from 1 July 2023, they have now clarified how the transition to the new reporting regime will apply to those SMSFs that are annual TBA reporters.
8 Jul 2022
Given only a partial CGT exemption is required, there will be scenarios where an individual will qualify for making a contribution under the downsizer measure even though the property they have sold is not the home that they were actually living in at the time.
7 Jun 2022
"Whilst the retirement income covenant does not apply to SMSF trustees, it does provide an opportunity for advisers to showcase the value of their advice to the large group of superannuants. Financial advice offers something that the strategies offered by super funds will not…….personalisation."
2 Mar 2022
The Government has affected the removal of the work test from the superannuation contribution acceptance rules for those aged 67 to 74. This will apply from 1 July 2022.
10 Feb 2022
On 10 February 2022, Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021 passed both houses and will become law once the Governor General gives it Royal Assent. The Bill contained six measures, five of which were super related.
7 Feb 2022
The ATO has updated their SuperStream implementation and onboarding information document to advise of scenarios where a rollover in or out of an SMSF will not be required to be transacted via SuperStream.
2 Feb 2022
The amendments made to the non-arm’s length income rules to include the concept of non-arm’s length expenditure took effect from 1 July 2018. However, despite nearly four years passing, an ATO draft ruling, consultation period, finalisation of the ATO’s ruling, there still remains significant concerns on the wide reaching effect of these 2018 amendments and particularly the potential dire tax outcome for a superannuation fund that has non-arm’s length expenditure.

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