News

ATO, Auditing

Auditor number misuse identified

SMSF auditor number

The ATO has now identified the more serious cases of SMSF auditor number abuse and has vowed to prosecute tax agents connected with them.

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ATO, Property

Fractional investments okay post Aussiegolfa

ATO fractional investments SMSF

The ATO will consider the use of fractional property investments inside SMSFs, but will require providers to seek its approval first.

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ATO, Superannuation, Tax

TBC indexation may take place in 2020

TBC indexation

The ATO has told trustees the expected indexation of the general TBC could occur as early as mid-2020.

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ASIC

NALI implications in ASIC factsheet

ASIC factsheet NALI

ASIC’s estimation of the time trustees spend managing SMSFs may add a concerning dimension to the NALI rules relating to fund expenses.

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Superannuation, Tax

Review should examine super tax concessions

retirement tax concessions superannuation

The retirement income review should consider if tax concessions for superannuation are ultimately being used to fund housing in retirement.

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Financial Planning

Countplus continues to grow network

Countplus DMG Financial

Countplus has acquired a substantial stake in accounting and financial planning firm DMG Financial for almost $2.9 million.

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Compliance, FASEA

ASIC grants compliance scheme exemption

ASIC exemption compliance scheme

ASIC will not penalise advice licensees for failing to sign their representatives to a compliance scheme following the government’s decision to keep ethics enforcement inhouse.

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ATO

ATO confirms division 293 tax payment method

Division 293

The ATO has informed SMSF trustees and tax agents that division 293 tax liabilities can be paid from superannuation monies.

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Appointments

Former SuperConcepts GM joins SuperAA

SuperAA new general manager

SMSF administration and audit firm SuperAA has appointed a former SuperConcepts executive to be its new general manager.

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Investments

Hunt for yield to intensify

yield interest rates

The continued reduction of the official interest rate will see SMSF investors increase their focus on generating yield from their investments, a global fund manager has predicted.

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