News

Compliance, Legislation, Regulation

Member numbers determine trustee rules

The number of members included in an SMSF will be the most important factor in determining the obligations and responsibilities of the fund trustees.

The number of members included in an SMSF will be the most important factor in determining the obligations and responsibilities of the fund trustees.

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Compliance, Contributions, Pensions, Tax

Min pension effects contribution status

Failing to pay minimum pension amounts can compromise the ability of an SMSF member to claim a deduction for personal contributions.

Failing to pay minimum pension amounts can compromise the ability of an SMSF member to claim a deduction for personal contributions.

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Compliance, financial advice, Financial Planning, Legislation, Regulation

CSLR blowout must be shared

The shortfall regarding CSLR funding should be spread across all financial services sectors as well as the government sector.

The funding shortfall regarding the CSLR should be borne by the entire financial services industry as well as the government sector.

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Investments, Technology

Local investors widely adopting AI use

A recent CAANZ survey has revealed a good proportion of retail investors in Australia are using AI to shape their investment decisions.

A recent CAANZ survey has revealed a good proportion of retail investors in Australia are using AI to shape their investment decisions.

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ATO, Pensions

Minimum payment discretion caution

SMSFs may cause revised pension payment rules to be applied to past failures to make minimum payments by seeking ATO discretion on those errors.

SMSFs may cause revised pension payment rules to be applied to past failures to make minimum payments by seeking ATO discretion on those errors.

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Contributions, SMSF

Threshold, cap change will pick up pace

The larger the transfer balance cap and contribution caps become, the more likely they are to change, creating opportunities to revisit them.

The larger the transfer balance cap and contribution caps become, the more likely they are to change, creating opportunities to revisit them.

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Pensions

Consider failed pension pro-rata payment

There is a possibility trustees will be required to pay a pro-rata minimum on a failed pension before it can be commuted properly.

There is a possibility trustees will be required to pay a pro-rata minimum on a failed pension before it can be commuted properly.

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Retirement

Retirement costs continue to rise

The amount needed to fund a comfortable retirement rose by nearly 2 per cent over the June quarter, with retirees spending more on digital connectivity.

The amount needed to fund a comfortable retirement rose by nearly 2 per cent over the June quarter, with retirees spending more on digital connectivity.

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ATO, Auditing, Compliance, Cryptocurrency, Investments

Crypto valuation reference changed

There has been a change in the way the ATO approaches how cryptocurrencies held inside an SMSF can be valued at the end of the financial year.

There has been a change in the way the ATO approaches how cryptocurrencies held inside an SMSF can be valued at the end of the financial year.

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Auditing

Rank audit evidence by source

The quality of audit evidence will vary depending on its source and SMSF auditors are obligated to rank that information when using it.

The quality of audit evidence will vary depending on its source and SMSF auditors are obligated to rank that information when using it.

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