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Practical Systems Super

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19.01.2022 SMSF auditors have been witness to some outlandish expense claims and get frequently asked: Can an SMSF claim this as a deduction? Read more: https://zcu.io/BI3c

18.01.2022 Click here to find out more: https://zcu.io/JI4a

17.01.2022 For the first time in five years, the super contribution and pension caps are set to increase. Read more: https://zcu.io/5Kcz

17.01.2022 In an online article, the ATO stated that where a TBA event occurred in a member’s SMSF between 1 June and 30 September 2020 and any member had a total super balance greater than $1 million, the SMSF will need to report the event. Read more: https://zcu.io/kUtX

15.01.2022 The ATO has clarified the status of how a death benefit rollover should be reported and how payments should be made following changes that were made law in June but backdated to 1 July 2017. Read more: https://zcu.io/1mKl

13.01.2022 "Investment segregation can essentially be thought of as a form of member investment choice that is implemented within an SMSF. Naturally, all SMSFs provide a certain degree of member investment choice by virtue of being ‘self managed’. However, this article draws a distinction between genuine member investment choice and the typical investment approach for SMSFs where there is a general pool of fund assets that do not ‘belong to’ any particular member. " Read more: https://zcu.io/KIap

13.01.2022 In an update on the industry body’s website, SMSF Association technical manager Mary Simmons said the view that downsizer contributions could only be made from the proceeds of the sale of a home was incorrect and the organisation had sought clarity from the ATO on the issue of in-specie downsizer contributions. Read more: https://zcu.io/tGI2

08.01.2022 Investing in certain asset classes or implementing particular structures to do so, can result in additional compliance issues for SMSFs. Mark Ellem, head of education at Accurium, identifies areas where trustees will need to pay extra attention. Read more: https://zcu.io/VUGl

07.01.2022 Got art, jewellery or cars in your collection? Watch out how they’re insured, where you store them and who uses them. Read more: https://zcu.io/extD

05.01.2022 Superannuation measures in this year’s federal budget have been welcomed as being not too intrusive but introducing necessary changes that were considered overdue by the sector. Read more: https://zcu.io/UUvv

02.01.2022 Click here: https://zcu.io/fPyR