Articles by Tharshini Ashokan

LRBA

SMSFs in ATO probe used LRBAs

ATO letters LRBA

The SMSFs contacted by the ATO as part of its inquiry into fund investment strategies used an LRBA to acquire their asset or asset class, the regulator reveals.

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Regulation

ATO gets tough on annual return lodgement

Late lodgments of SMSF annual returns from 1 October will impact on funds’ complying status, the ATO has warned.

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FASEA

FASEA plans need not change in light of extensions

FASEA exam extensions

Advisers should avoid depending on the recently announced FASEA deadline extensions when deciding when to sit their exam, a financial planning exam preparation provider has said.

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LRBA

ATO letters could be targeting LRBAs

ATO letters could be targeting LRBAs

A technical expert has raised the notion LRBAs may be the target of ATO scrutiny resulting from the letters of inquiry it recently sent out regarding SMSF investment strategies.

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Accounting, Administration

Annual reporting no longer fit for purpose

SMSF annual reporting

The annual reporting model used by most SMSFs should be replaced by more frequent reporting because of the introduction of the TBA and TSB, an SMSF expert says.

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ATO, Regulation

ATO unveils plan to stop illegal super access

Illegal access to superannuation

The ATO has implemented a new SMSF registration process and will work with APRA-regulated funds to improve the rollover process as part of its plan to prevent illegal access to super via SMSFs.

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Financial Planning, Regulation

AFA calls for grandfathered commissions transition

AFA grandfathered commissions transition

Financial advisers need time and guidance to find solutions for affected clients before the 2021 deadline for ending grandfathered commissions, the AFA says.

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ATO, Investments

ATO letters not indicative of fund failure

SMSF investment strategy diversification

Trustees who have received letters as part of the ATO probe into the investment strategies of SMSFs should not assume they are non-compliant, an SMSF expert says.

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Regulation, Superannuation

Certainty needed on govt work test proposal

Work test change proposal

The government must act swiftly on its proposal to extend the work test age in order to avoid placing members anticipating the changes at a disadvantage, an SMSF expert says.

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Education, FASEA

Enrolments open for FASEA exam preparation program

FASEA exam preparation program

New FASEA exam preparation program Cram 4 Exam has begun accepting enrolments for its first sessions, which will commence in October.

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