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. […]

GPS Wealth has significantly enhanced its authorised representative base over the past year, with 60 accounting practices signing on with the independent licensee prior to the 30 June 2016 scrapping of the accountants’ exemption.

The SMSF Association is already in discussions with Canberra over its and the broader sector’s concerns about the proposed changes to superannuation announced in this year’s federal budget.

A financial services consultant has predicted the use of small Australian Prudential Regulation Authority (APRA) funds (SAF) will increase in the coming year due to a rise in the costs of running an SMSF.