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ATO disqualifies an increasing number of SMSF trustees with adverse consequences

ATO disqualifies an increasing number of SMSF trustees with adverse consequences

The Commissioner of Taxation’s recently released annual report for 2013-14 discloses an alarming increase in the number of self managed superannuation fund (‘SMSF’) trustees (and directors of SMSF trustee companies) that are being declared disqualified persons by the ATO. The other figures below on the ATO’s other compliance activities are not remarkable. This other activity [read more]

New-ATO-view-on-cross-insurance-within-an-SMSF

New ATO view on cross-insurance within an SMSF!

There has been much conjecture as to whether a self managed superannuation fund (‘SMSF’) trustee can implement a cross-insurance strategy after 1 July 2014. The ATO recently addressed this question; which is discussed below. However before discussing the ATO’s view, we begin by briefly discussing what cross-insurance is. What is cross-insurance in an SMSF context? [read more]

SMSFD-2014-1-latest-from-the-ATO-on-commuting-a-TRIS

SMSFD 2014/1: latest from the ATO on commuting a TRIS

The ATO has recently released self managed superannuation fund determination SMSFD 2014/1. SMSFD 2014/1 builds on taxation ruling TR 2013/5 and SMSFD 2013/2 and provides some important insights regarding the ATO’s views on commuting transition to retirement income streams (‘TRIS’). This article discusses some key points arising from the determination. What is a ‘commutation’? Although [read more]

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