Articles by Jason Spits

AFCA

SMSF complaints to AFCA fall

Australian Financial Complaints Authority AFCA Financial advice complaints SMSF Self-managed superannuation

There has been an overall decline in advice-related complaints received by the Australian Financial Complaints Authority, including those involving SMSFs.

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financial advice, SMSF

CSLR flags SMSF advice

SMSF advice Self-managed superannuation CSLR Compensation Scheme of Last Resort AFCA Australian Financial Complaints Authority claims

The Compensation Scheme of Last Resort has found more than 40 per cent of claims it has received so far relate to SMSF advice, noting some poor practices are still occurring.

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ATO, SMSF, SuperStream

Push to use SuperStream needed

SuperStream Rollovers SMSF self-managed superannution ATO ASF Audits Shelley Banton ACIS

Auditors are finding SMSF trustees are still not using SuperStream for rollovers out of their fund and the failure to do so will be reported as a breach to the ATO.

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Compliance, Regulation

Online banking driving Reg 4.09A breaches

online banking separation of assets breaches SIS regulation 4.09a SMSF Self-managed superannuation Shelley Banton ASF Audits ACIS

SMSF auditors are finding more trustees are breaching the separation of assets rules, with the rise of online banking a key driver behind the errors.

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Appointments

Auditors Institute adds new director

The Auditors Institute Augmented Audit Co Jessica Johl board of directors

The Auditors Institute has appointed a Gold Coast-based auditor as a board director as part of its plans to represent practitioners working inside and outside of the SMSF space.

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ATO, Compliance, Regulation

Sole purpose tough with some transactions

SMSF Self-managed superannuation Sole purpose test Related party Property development ATO Cooper Partners Financial Services Jemma Sanderson

SMSFs may be better off avoiding complex related-party transactions if the effort to enact them exceeds the work required to comply with the sole purpose test.

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Pensions

Allow deceased legacy pension exits

Legacy pensions reserves SMSF Self-managed superannuation SMSF Association Legacy pensions reserves SMSF Self-managed superannuation SMSF Association

The SMSF Association has stated proposals to allow an exit from legacy pensions can be improved by including deceased members and retaining asset test exemptions.

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ETFs, Investments

ETF allocations predicted to climb

ETF Exchange-traded fund VanEck VanEck Australian Investor Survey 2024

The use of ETFs to access overseas investments will continue to climb, with larger numbers of SMSFs claiming they would occupy a larger place in their portfolio in the next year.

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ATO, In-house assets, Regulation

Complexity raises sole purpose risk

SMSF Self-managed superannuation Sole purpose test Related party transaction current day benefit Cooper Partners Financial Services Jemma Sanderson

SMSF trustees and practitioners should look beyond obvious issues regarding the sole purpose test when dealing with related parties as greater complexity raises the likelihood of breaching it.

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Property

No grace for slow related-party rent

SMSF Self-managed superannuation Sole purpose test Related party Rental income Collateral purpose Cooper Partners Financial Services Jemma Sanderson

SMSFs receiving rental income from a related party cannot extend charity if they fall behind in payments as assistance may breach the sole purpose test.

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