The ATO’s strategic increased focus on compliance is having a noticeable effect on the sector and is now the most common reason why many SMSF trustees have closed their funds, the latest Investment Trends research has shown.
People nearing retirement often want to know how much they can earn before it affects their pension, and now there is a bit of good news on the horizon for SMSF members who receive the Age Pension.
The bill that will introduce changes to the non-arm’s-length expenditure (NALE) provisions has passed through parliament and is now awaiting royal assent before it can take effect, possibly as early as 1 July.
The SMSF sector experienced healthy growth over the March quarter, with men and women on middle-to-higher incomes driving an increase in new funds established, according to statistics released by the ATO.