Articles by Krystine Lumanta

ATO

Practitioner services a key priority: ATO

Box being ticked.

The ATO has reaffirmed its commitment to providing improved services and removing any irritants to tax agents as it works closely with the industry to get future initiatives and strategies right.

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Business News

SMSF property scheme to face court

The Australian Securities and Investments Commission (ASIC) has commenced proceedings in the Federal Court and obtained interim injunctions against a Perth-based business and its sole director in relation to an SMSF property scheme.

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Business News

Equity research platform fills gap

Cloud-based equity research platform ShareClarity’s on-demand model covering Australian, New Zealand and Hong Kong-listed equities offers a much more transparent and accessible approach for advisers and SMSF trustees, with interest already growing, according to the firm.

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Compliance

ASIC publishes new limited AFSL materials

The corporate watchdog today released fresh webpage guidance and information sheets to help those holding a limited Australian financial services licence (AFSL) and their representatives understand their key obligations.

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Practice Management

No silver bullet for CGT relief

SMSF practices must factor in the amount of time advisers will need to dedicate to working out capital gains tax (CGT) relief for their clients as every fund will be different, a technical expert has warned.

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ATO

ATO encourages earlier TBAR reporting

Wristwatch.

The ATO has indicated certain scenarios affecting an SMSF member’s transfer balance cap should be reported under the transfer balance account report (TBAR) sooner rather than later to avoid double counting of income streams.

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ATO

SMSF Association applauds ATO super project

The SMSF Association has come out in full support of the ATO’s recently published Super Scheme Smart material, which is designed to give taxpayers relevant information and cases studies about illegal retirement planning arrangements, including the associated risks and warning signs.

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Compliance

Advisers at risk with TBAR accountability

While the ATO has landed on the less frequent option for SMSFs lodging transfer balance cap reports (TBAR), advisers must still ensure clients thoroughly understand the timing and process for events-based reporting, a specialist industry law firm has warned.

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Business News

SMSF fraudster cops 10-year jail term

The former principal of Sherwin Financial Planners and chairman of Wickham Securities, Bradley Thomas Sherwin, was yesterday sentenced to a total of 10 years’ imprisonment on 25 charges concerning the misuse of SMSF assets.

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ATO

ATO settles TBAR decision for SMSFs

The ATO last week revealed its final position on events-based reporting for SMSFs, announcing this reporting method for SMSFs under its transfer balance account report (TBAR) regime will be limited to those funds with members that have total super account balances of $1 million or more.

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