Illegal access nets $637 million

Illegal access nets $637 million

The ATO has found $637 million of superannuation savings has left the system due to illegal early access carried out through SMSFs. . The figures were released by the regulator today at the SMSF Association National Conference 2024 in Brisbane, where ATO...
Could your SMSF do with more diversification?

Could your SMSF do with more diversification?

Australian Tax Office Office data shows a high percentage of SMSFs are lacking portfolio diversification.   . The Australian Taxation Office has just released its annual overview of key statistics and analysis of Australia’s self-managed superannuation fund (SMSF)...
Trustee decisions are at their own discretion: expert

Trustee decisions are at their own discretion: expert

A trustee doesn’t need to show reasons why they made a decision, they will only need to show they followed a proper decision-making process, says a specialist legal adviser.     . Hayley Mitchell, partner with Cooper Grace White Lawyers, said many decisions trustees...
Planning financially for a career break

Planning financially for a career break

A pause in super contributions can have long-lasting effects. Here's how to plan ahead for super breaks. . There’s a host of reasons why people take career breaks. Having and raising children, or taking an extended holiday or sabbatical, are the most common...
Regular reviews and safekeeping of documents vital: expert

Regular reviews and safekeeping of documents vital: expert

Keeping track of all documents relating to an SMSF trust deed is important if an estate planning issue arises, says an industry expert. . Scott Hay-Bartlem, partner at Cooper Grace Ward Lawyers and board member of the SMSFA, said being able to physically produce...
Investment and economic outlook, February 2024

Investment and economic outlook, February 2024

Region-by-region economic outlook and latest forecasts for investment returns. . U.S. consumers in aggregate remained financially healthy entering 2024. That’s the conclusion of new research, which highlights wealth effects, accumulated savings, and normalising credit...
Why crypto treads an uncertain path through tax minefield

Why crypto treads an uncertain path through tax minefield

The taxation of digital assets used for lending and borrowing would benefit from clear-sighted guidelines. . The ATO has not released much formal (binding) guidance on the taxation treatment of crypto assets and continues to slowly publish general (non-binding) advice...