/ 'Expenses; tax and administration'

8 Feb 2024
For many individuals, a Self-Managed Superannuation Fund (SMSF) is a vital component of their retirement savings strategy. However, there comes a time when one must consider winding up their SMSF, whether due to reaching a certain age, changing circumstances, or simply that the SMSF no longer suits their needs.
15 Sep 2023
Long awaited changes implementing a cap on the amount of NALI arising from a general NALE has been introduced into Parliament. This blog outlines key aspects of the proposed relief.
6 Mar 2023
The government has released a consultation paper (24 January 2023), “Non-arm’s length expense rules for superannuation fund” which outlines options to amend the nonarm’s length income (NALI) provisions which apply to superannuation funds. The intention of these potential changes is to ensure the rules continue to operate in line with their original policy intent and provide a greater level of certainty to trustees ahead of the expiry of the transitional compliance approach (PCG 2020/5) on 30 June 2023.
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.
24 Nov 2020
For several years, breaching the in-house asset rules and the prohibition on lending to a fund member or a relative of a fund member or providing financial assistance to a fund member or their relative using the financial resources of the fund, have consistently been in the top three audit contraventions.

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