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SMSF
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ASIC disqualifies, imposes conditions on SMSF auditors The corporate regulator has moved to disqualify two SMSF auditors and impose conditions on another after failing to meet requirements, including independence breaches. ...
Preservation age, work test in government’s sights Increasing the preservation age to 67 and scrapping the work test are likely to be high on the government’s super reform agenda in the medium term, while increasing SMS...
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Practitioners resisting change on investment strategy The majority of SMSF practitioners are still resisting the idea of putting further consideration into the investment strategies of their clients’ funds, despite the ATO...
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Hopes for further ‘wiggle room’ on NALI application The ATO’s draft ruling around the application of new non-arm’s length income rules may contain further “wiggle room” when it comes to financial professionals prov...
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ATO considers non-compliance notices for lapsed lodgers The ATO may consider further action to spur on SMSF trustees to lodge their annual returns on time, including making funds non-complying where after repeated attempts to ...
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ASIC overestimates SMSF running costs by $8,000 The average annual costs of running an SMSF have been grossly exaggerated by ASIC in its recent fact sheet, with actual costs landing between $1,700 and $5,800 depending ...
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SMSF spruiker cops 3-year prison sentence A 51-year-old man has been sentenced to three years’ jail in Sydney’s Downing Centre District Court after pleading guilty to orchestrating illegal early release of su...
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ASIC SMSF fact sheet makes exaggerated claims The corporate regulator’s fact sheet on the dangers of SMSFs exaggerates the cost involved in running self-managed funds and makes unfair comparisons between SMSFs and ...
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Legal actions ramp up pressure on SMSF auditors Recent legal cases finding fault with SMSF auditors for mis-describing fund assets have ramped up auditor obligations and are likely to lead to a further increase in audi...
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SMSFs next in line for ATO’s super guarantee focus The ATO’s spotlight on superannuation guarantee obligations will eventually turn towards SMSFs, with trustees, employers and practitioners all set to be affected, warns...
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ASIC’s SMSF fact sheet criticised over inconsistencies The SMSF Association has criticised the corporate regulator’s focus on the risks of SMSFs in its mailout campaign targeting new trustees, saying the data sources used i...
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Professional, personal distinction key in NALI changes Recent changes to non-arm’s length expense rules are an overreach, given the objective the laws are trying to achieve, but are unlikely to affect most trustees providin...
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