News

ATO

ATO letter campaign boosts trustee awareness

ATO investment trustees awareness

The ATO has yet to consider if it will write to trustees again raising concerns over investment strategies, claiming the current campaign has raised sufficient awareness.

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Administration, Financial Planning

Advisers best placed to lead SMSF collaboration

SMSF collaboration model

Financial advisers should project manage SMSFs within a family office collaboration model in order to best serve trustees, an SMSF expert says.

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ATO, Superannuation

ATO grants NALE transition period

ATO NALE transition

SMSF trustees have the opportunity to rectify any service provision arrangements involving themselves and their fund to prevent them from falling foul of the new NALE provisions.

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Superannuation

SMSF Association critical of ASIC message

SMSF Association critical ASIC

The latest Australian Securities and Investment Commission fact sheet on SMSFs has been criticised by the main industry body for portraying the sector in a very poor light.

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ASIC, Superannuation

ASIC specifically flags SMSF downsides

ASIC SMSF downsides

ASIC has claimed an SMSF isn’t an appropriate strategy in certain situations and potential trustees should be aware of the downsides of SMSFs before establishing one.

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FASEA, Financial Planning

Govt drops associations from adviser oversight

financial advice ethics enforcement

Financial advice associations have been cut out of the code of ethics enforcement model as tge government announces the creation of a new disciplinary body.

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Regulation, Superannuation

Trustees given clarity on NALI expenses

trustees SMSF free services

Trustees can provide services free of charge to their own fund but must be aware of which capacity they are acting in when they do so, according to an SMSF legal expert, who claims a new ruling has clarified these conditions.

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Accounting, ASIC

SMSF accountant jailed for three years

SMSF accountant jailed three years

A three-year jail term has been handed down to an SMSF accountant found guilty of making false and misleading statements to obtain money from his clients and subsequently misappropriating those funds.

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Appointments

SuperConcepts CEO expands role at AMP

SuperConcepts AMP Wealth

SuperConcepts’ new transformation strategy will coincide with the bigger role it is set to play in the AMP Wealth business.

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Property

Real property problems not about LRBAs

LRBA property spruikers

The ATO’s decision not to target the operation of limited recourse borrowing arrangements directly in its efforts to crack down on inappropriate uses of SMSFs to acquire property has been supported by a specialist fund manager.

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