Super

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SMSFs: ATO cautions about transition-to-retirement and “lump sums”

SMSFs: ATO cautions about transition-to-retirement and “lump sums” The ATO has issued a statement regarding SMSFs and transition to retirement income streams (TRIS*), saying that it has noticed over the past year a number of articles and “external presentations” that have, intentionally or otherwise, mis-represented the way these income streams are meant to operate. The

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SMSFs: Your ‘safe harbour’ guidelines have been released

SMSFs: Your ‘safe harbour’ guidelines have been released. Finally, SMSF trustees can get some assurance of doing the right thing.  The ATO has released guidance on the arm’s length terms (commonly known as the “safe harbour” terms) when an SMSF acquires an asset under limited recourse borrowing arrangements (LRBAs). This has been a difficult issue

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Super savings could be available in an emergency

Severe financial hardship, terminal illness, specified compassionate reasons, permanent incapacity and other limited circumstances can serve as grounds for withdrawing pre-retirement or preserved super.  Strict rules do apply to accessing these funds. Overseen by the Department of Human Services, the “early release of superannuation” scheme allows super to be withdrawn in one or more of

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Artworks and collectibles may not be correctly accounted for, says ATO

To properly assess artworks and collectibles owned by taxpayers, the ATO says it is working with insurance companies to identify the owners of these sorts of assets. Artworks and collectibles may not be correctly accounted for, says ATO The ATO says it has identified instances where “lifestyle assets” are not being properly accounted for. It

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