SMSFs that hold farms or small businesses should do a “stress test” on their funds in preparation for the Division 296 tax, a leading adviser has said.
The Australian Securities and Investments Commission (ASIC) has warned Australians to beware of high-pressure sales tactics aimed at getting people to switch superannuation providers.
The ATO has released its updated Law Companion Ruling (LCR) 2021/2 regarding the application of non-arm’s length income (NALI) laws with the SMSF Association giving it a mixed welcome noting it still lacks specific guidance in places.