superannuation and trusts

The SMSF Association has emphasized the importance of maintaining high standards in Self-Managed Super Fund (SMSF) advice following the release of ASIC's Report 824, which reviewed SMSF establishment advice. This report serves as a significant reminder for the SMSF sector to remain diligent and focused on best practices when providing advice.

The SMSF Association has responded to the Australian Taxation Office's (ATO) final rulings on Non-Arm's Length Income (NALI) and contributions. While these rulings offer long-awaited clarity on critical issues concerning SMSFs, the Association notes that certain opportunities for improved guidance were not fully realised.

This blog post discusses the implications of commuting a 'legacy' pension that was previously exempt from the asset test for Centrelink purposes. It highlights that such commutations can lead to the failure of Centrelink provisions, potentially resulting in a loss of asset test exemptions.