It is one of the most contentious issues for members of a SMSF when it comes to the payment of a super income stream and their estate planning wishes – in the event of death, what document will take precedent? An auto-reversionary pension or binding death benefit nomination (BDBN)? Well, the answer ultimately depends upon…
The Australian Taxation Office (ATO) has provided valuation guidelines for SMSFs to comply with since the introduction of the market valuation requirements in SIS Reg. 8.02B from the 2012-13 financial year. When trustees follow the guidance provided within the ATO framework for market valuations, the Regulator will generally accept the valuation provided. However, they may…
Since transfer balance cap reporting commenced for self-managed superannuation funds (SMSFs), the Australian Taxation Office (ATO) has continued to observe a high level of re-reporting from within the SMSF sector. This is mostly in response to determinations and commutation authorities that have been issued by the ATO. In some instances, the amended reporting indicates: the…
With a federal election not far away and the Government now in ‘caretaker mode’, any outstanding Bills within Parliament have now dissolved. Given the level of activity over the past six months or more, it would be very easy to be confused about what has become law and what actually didn’t make. Therefore, we’ve provided…
The ATO has provided an update using Online services for agents that now allows viewing transfer balance cap information and to also lodge the Transfer balance account report (TBAR). Lodging an electronic TBAR You can now lodge a transfer balance account report (TBAR) electronically by completing an interactive form in Online services for agents. The electronic…
