Articles by Todd Wills

Pensions, Superannuation, Tax

MLP valuations under Div 296 still unclear

Market-linked pensions Defined benefit pensions Division 296 tax Valuation Treasury

Guidance on the treatment of market-linked pensions in relation to the Division 296 tax has yet to clearly outline how these interests will be valued under the cap.

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ATO, SMSF, SMSFA, Superannuation

New clearing house protocols for SMSFs

ATO Small Business Superannuation Clearing House Superannuation guarantee SMSF SBSCH Employees

The ATO has implemented an additional verification measure for any entitlements deposited into an employee’s SMSF account via the Small Business Superannuation Clearing House.

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ASIC, Auditing, Compliance

ASIC sanctions 15 auditors

ASIC SMSF auditors APES 110 Code of Ethics for Professional Accountants Independence standards

ASIC has taken enforcement measures against 15 SMSF auditors for breaches of the independence standards, with 13 practitioners having conditions imposed on their registrations.

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financial advice, Tax

Industry seeks clarity on fee deductibility

financial advice fees FAAA ITAA TD 2023/D4 ATO tax deduction tax deductibility

A group of industry bodies has urged the ATO to provide further details on the tax deductibility of financial advice given to clients on pre-existing investments.

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Retirement, Superannuation

Retiree living costs beginning to ease

ASFA Retirement standard Retirement Living costs Energy bill relief fund rebates

Australian retirees are needing more funds than ever for a comfortable retirement, yet there are signs the rise in prices for essential goods and services is starting to moderate.

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ATO, Compliance, financial advice

ATO recovers $30m in tax from advisers

ATO ATO tax avoidance taskforce adviser strategy Financial advisers Tax liabilities

An ATO project set up under the auspices of the Tax Avoidance Taskforce has recouped almost $30 million in overdue liabilities from advisers and advisory firms.

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SMSFA, Superannuation

SMSFA backs parental leave super

SMSF Association Paid parental leave Federal government Superannuation

The SMSF Association has thrown its support behind a federal government plan to pay super on paid parental leave for eligible parents from 1 July 2025.

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ATO, Compliance, Regulation

ATO bans 149 SMSF trustees

ATO Disqualification SMSF trustees

Close to 150 SMSF trustees were disqualified in the December quarter 2023, marking a substantial decrease in barred trustees compared to the previous three-month period.

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AAT, ATO, Superannuation

AAT case shows foreign transfer difficulty

AAT ATO Foreign transfer Superannuation

Conflicting superannuation and taxation rules between two countries can make foreign super transfers a difficult and complex process.

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Appointments, Auditing

ASF Audits bolsters executive team

ASF Audits Andrew Culley Casey McGrath Richard Smith managing director

An Adelaide-based audit firm has appointed a former Deloitte managing partner and an ex-principal of specialist SMSF auditing business Nest Super to its executive team.

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