The federal opposition has promised to address the retrospective nature of the proposed changes to the superannuation system contained in the 2016 budget.

Advisers servicing SMSF clients currently need to consider specialising in a specific area of the sector rather than the sector as a whole, an industry expert has said.

Knowing which assets to leave or switch back to the accumulation side of an SMSF is crucial for the optimal tax effectiveness of the fund in light of the proposed $1.6 million transfer cap, an SMSF expert has said.

The proposed reduction in the concessional superannuation contributions caps could have flow-on consequences for SMSF trustees in regard to risk cover if that type of insurance is currently held within the fund, a retirement savings legal expert has warned. “That $25,000 cap going forward has got to have 15 per cent tax taken off it, […]

The ATO has extended the time period SMSF trustees have to comply with the new safe harbour guidelines governing non-bank limited recourse borrowing arrangements (LRBA). Trustees will now have an additional seven months to comply with the new safe harbour guidelines and potentially avoid paying 47 per cent tax on the income generated from non-bank […]

The SMSF Owners’ Alliance, Self-managed Independent Superannuation Funds Association, Australian Shareholders’ Association and Australian Investors Association have written a joint letter to the federal government to highlight what they consider to be five major flaws in the proposed changes to super and request a post-election independent review of the calculations involved in the changes.

The ATO’s early engagement and voluntary disclosure service will now accept notifications from SMSF trustees and practitioners of unrectified regulatory contraventions. The service was made available for use on 31 May and will act as a centralised portal for SMSFs to notify the ATO of unrectified regulatory contraventions, and to facilitate early engagement and rectification. […]