Articles by Malavika Santhebennur

ATO

ATO releases SMSF registration figures

In the 2017/18 income year, there were 26,000 SMSF registrations with around 2100 of these the subject of further review, according to the ATO.

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Administration, Superannuation

BT Panorama FUA grows by 74 pct

BT Panorama’s funds under administration (FUA) have risen by 74 per cent to $11.7 billion since 1 October 2017, with SMSFs accounting for $4.7 billion of total FUA.

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Education

SuperConcepts unveils technical support service

SuperConcepts has launched a technical support service for SMSF practitioners that will be available to anyone outside the firm’s client base for the first time.

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Compliance, Superannuation

Court confirms attorney powers for BDBNs

In a significant judgment, the Supreme Court of Queensland has confirmed an attorney has the power to make, renew or extend a superannuation binding nomination on behalf of a member.

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Superannuation

Industry body welcomes new ministers

The SMSF Association has emphasised it is keen to discuss Labor’s proposal to scrap cash refunds for excess dividend imputation credits with the relevant new ministers in Prime Minister Scott Morrison’s government.

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Regulation

All SMSFs will feel brunt of PC findings

No SMSF can escape being affected by the Productivity Commission’s draft report into competition and efficiency in superannuation and its findings about the SMSF sector, according to Chartered Accountants Australia and New Zealand (CAANZ).

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Auditing

Reduce audit scope, not frequency

SMSFs with a history of good record-keeping should be allowed to reduce the scope of their annual audit instead of moving to a three-year audit cycle, according to Pitcher Partners.

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ATO

ATO reveals CGT application numbers

The ATO has revealed around 44,000 SMSFs have elected to apply the transitional capital gains tax (CGT) relief as at 30 June 2018, while 90 per cent of SMSFs that lodged a 2017 SMSF annual return were on time.

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Financial Planning, Strategy

Expect complex franking credit discussions: CAANZ

Advisers and accountants should prepare for in-depth discussions with SMSF clients around strategies to navigate through Labor’s proposal to disallow refunds of excess franking credits should it become law, according to an SMSF expert.

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Superannuation

SMSFs unprepared, under-advised for SuperStream

SMSFs have a challenging road ahead of them in navigating the transition to SuperStream, exacerbated by the fact many do not seek professional advice, according to wealthdigital.

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