The ATO will only recognise limited reasons offered by trustees as an acceptable excuse for not paying a death benefit within the standard timeframe.
Excuses limited for late death benefit payments
Month: January 2022
Advisers warned on joint entity hurdles for ‘sophisticated investor’ qualification
The use of various entities to jointly qualify for the “sophisticated investor” status will need to navigate various legal hurdles, especially around control for structures such as SMSFs and trusts, according to a law firm.
One of the most read articles in 2021
10 little-known pension traps proving the value of advice.
Bull vs Bear
An explanation of the difference between a Bull and Bear run.
ATO holds off on TBAR compliance
The ATO will not take compliance action against funds that have not reported a TBA event after the commencement of a new pension in the interim.
6-member SMSFs proving popular for older trustees
The uptake of six-member SMSFs is primarily being driven by trustees over the age of 80 who want their adult children to take over the management of the fund.
Financial burden of COVID sees rise in illegal loans to members
With COVID continuing to place financial stress on businesses and individuals, there has been an uptick in SMSF members illegally accessing money from their funds, an SMSF auditor warns.
State and Federal COVID-19 support — January 2022
The following links are to the latest state and federal government plans, schemes, programs, and initiatives to help businesses and individuals manage the impact of yet more COVID-19 restrictions.