New director ID requirements underway
Company directors are now required to verify their identity by applying for a new director identification number (DIN). This includes directors of an SMSF corporate trustee, family trust and
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From the Blog
Superannuation budget measures one step closer
Several superannuation proposals announced in this year’s Federal Budget have been introduced into Parliament in the Treasury Laws Amendment (Enhancing Superannuation Outcomes for Australians and
[ Read More ]COVID-19 relief measures for SMSFs extended
SMSFs impacted by COVID-19 due to the extended lockdowns in certain States and Territories will be granted extended relief to cover the 2021/22 financial year. The relief was originally offered
[ Read More ]SuperStream deadline is approaching
SMSF trustees must get ready to process rollovers via SuperStream by 1 October 2021. This means trustees will no longer able to send and receive paper rollover benefit statements and cheques
[ Read More ]Compensation payments may cause contribution issues
Superannuation fund trustees that receive compensation from financial institutions and insurance providers must consider how receipt of these payments may impact a member’s contribution caps.
[ Read More ]Changes to actuarial certificate requirements for SMSFs
SMSF trustees no longer need to obtain an actuarial certificate when calculating exempt current pension income (ECPI) where all members of the fund are solely in retirement phase for the entire
[ Read More ]COVID-19 superannuation announcements
There has been an update from the regulators (ATO and APRA) regarding two measures that support individuals impacted by the COVID-19 pandemic. 1. ATO: Recontribution of COVID-19 early release
[ Read More ]Dealing with the gnarly NALE
What accountants can and can’t do for their SMSF Since the ATO final ruling (LCR 2021/2) on non-arm’s length expenditure (NALE), many members have asked what type of accounting services can
[ Read More ]‘ATO final ruling on NALI and NALE’ webinar Q&A
On 12 August, in response to the ATO’s recently-released final ruling on NALI and NALE, Tax & Super Australia’s Head of Superannuation, Natasha Panagis, ran a webinar on the topic. Attended
[ Read More ]Eligibility requirements for SMSF trustees or directors
All members of a self-managed super fund (SMSF) must be individual trustees or directors of the fund’s corporate trustee. Anyone 18 years old or over can be a trustee or director of a super
[ Read More ]A pivotal estate planning case study for SMSFs
The case of Wooster v Morris highlights the importance of forethought in succession planning where a self-managed superannuation fund (SMSF) is involved. The “risk” that needs to be managed — as
[ Read More ]Insurance cover through your SMSF can be tax deductible
Buying insurance within an SMSF can give access to deductible expenses that would otherwise not be available, as some insurance premiums, such as for life insurance (which typically cannot be
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