News : Administration

Administration

Reporting change requires attention to detail

TBA reporting

The shift to quarterly reporting will require greater vigilance by SMSFs in recording events while removing the perception they can post-date decisions.

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Administration

Nil balance allowable, but risky

Nil balance SMSF

An SMSF can have members will nil-balances but avoiding those is a better compliance option.

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Administration, Technology

Hub24 targets more SMSF growth

Hub24 service SMSF

Hub24 has developed a new end-to-end service for SMSFs aimed at growing the sector and the role the organisation will play in it.

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Administration, SuperStream

Flagging SuperStream breaches vital

SuperStream breaches

SMSFs should document why outgoing rollovers may not be compliant with SuperStream rules to mitigate the possibility of penalties.

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Administration

SMSF clients very cost conscious

SMSF trustees costs

SMSF trustees have been found to be very mindful of the costs involved with running their own retirement savings vehicle.

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Administration, Technology

SuperMate attains milestone

supermate SMSF administration

The SuperMate administration software platform is now servicing 1500 SMSFs a few months after the launch of the latest version of the service.

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Administration, Documentation

Director ID applications clumsy

director identification

Advisers are recommending their clients use manual forms to apply for a director ID number due to the troublesome nature of the myGovID app.

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Administration, Superannuation

New SMSFs unlikely running by 1 July

SMSF set up

The likelihood of a new SMSF being set up by 1 July is very low due to the extra steps added into the process.

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Administration

Reporting lag an admin challenge

reporting lag contributions

The lag in the reporting for SMSFs is going to create an administrative issue for service providers with regard to the new contributions rules.

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Administration, Regulation

Balance tops legal permission

member balance release condition

The obligation to determine if there are sufficient funds to make a member payment is the most important consideration for SMSF trustees.

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