Articles

  • 3 days ago | smsmagazine.com.au | Shelley Banton |Jason Spits

    The ATO has updated its website and removed its six-month guidance for paying out death benefits as soon as practicable. As we know, death benefits must be cashed as soon as practicable after the member dies, in accordance with the requirements of Superannuation Industry (Supervision) (SIS) Regulation 6.21(1).

  • 2 months ago | smsmagazine.com.au | Shelley Banton |Jason Spits

    Security in SMSFs comes in all shapes and sizes. Tech-savvy trustees will have multi-factor authentication (MFA) enabled for all their investments, while others will happily rely on a sock drawer to store passwords. In the wake of recent cyberattacks on Australian Prudential Regulation Authority-regulated funds, it would be naïve to assume cybercriminals would ignore the SMSF sector with $1 trillion in total assets.

  • Jan 16, 2025 | fssuper.com.au | Shelley Banton

    Property investment within SMSFs remains a popular strategy for building retirement wealth. Compliance in this area, however, requires a holistic approach to ensure that SMSFs operate within the legal framework administered by the Australian Taxation Office (ATO) and the Australian Securities and Investments Commission (ASIC).

  • Dec 5, 2024 | smsmagazine.com.au | Shelley Banton

    The ATO has clarified how a contribution can trigger non-arm’s-length income (NALI) in its latest draft taxation ruling (TR) on contributions, TR 2010/1DC2, and the draft law companion ruling (LCR) on NALI, LCR 2021/2DC. Where non-arm’s-length expenditure (NALE) is involved, these documents work hand in hand to explain how, depending on the circumstances, a part in-specie contribution is not a contribution and can trigger NALI. What is NALE?

  • Nov 20, 2024 | smsmagazine.com.au | Shelley Banton |Jason Spits

    The ATO is targeting SMSF auditors who continue to defy the independence rules. As part of its risk assessment program, the regulator is reviewing high-risk auditors with independence issues involved in reciprocal audits and those who have single-source referral income.

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