SMSF
Unforeseen consequences in ATO late lodgement policy The ATO’s recently announced policy to incentivise timely lodgement of SMSF annual returns by removing fund details from Super Fund Lookup (SFLU) if they fail to lodge ...
SMSFA moves to trim licensing restrictions The SMSF Association is moving towards establishing a future model for SMSF advice where certain key elements of a client’s financial life cycle, such as starting a pen...
Ageing SMSF members trapped in legacy pensions An estimated 15,000 members of SMSFs and small APRA funds are marooned in legacy defined benefit and market-linked income streams (MLISs), which they are not able to exit...
SMSF property damage will cause death benefit complications Damage to SMSF-owned properties as a result of Australia’s bushfire crisis may cause problems for funds looking to pay out death benefits in the 2020 financial year, ac...
SuperConcepts announces free assistance for bushfire victims SMSF service provider SuperConcepts has announced it will provide free assistance to trustees who have been affected by Australia’s bushfire crisis. Write comme...
Use caution when making bushfire donations from super SMSF trustees hoping to make donations to charitable causes associated with bushfire relief out of their super may run into problems unless they have triggered a conditio...
2020 audits to focus on investment strategy SMSF auditors are expected to focus more clearly on specific details and evidence around a fund’s investment strategy in the coming year as the industry continues to fe...
Low-balance SMSF spruiker banned A Perth-based adviser has been banned from providing financial services for five years after being found to have recommended the setting up of low-balance SMSFs. ...
Time running out for 2019 budget changes Time is running out for the government to introduce legislation around the changes it had flagged to super in the 2019 budget, with practitioners concerned the proposed 1...
ECPI changes looming in 2020 Changes to requirements for calculating exempt current pension income are expected early in the new year, which will potentially remove the concept of deemed segregation ...
Federal Court makes further orders around SMSF scheme The Federal Court has made further orders around alleged fraudulent SMSF scheme My Wealth Manager Financial Services, as it emerged the alleged operators of the scheme ha...
SuperConcepts floats carve-out for NALE laws SuperConcepts has proposed a carve-out to the ATO’s draft ruling around new non-arm’s length expense (NALE) laws which would allow low-value activities with a minimal...
