News : Administration

Administration, Compliance, Superannuation

Admin system needs to be TSB record

September 18, 2018

Financial advisers and accountants need to ensure their administrative system is the source of truth for their SMSF clients’ total super balance (TSB) records and should not rely on the ATO for this purpose, an industry technical expert has said.

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Administration

Midwinter integrates with Class

September 18, 2018

Krystine Lumanta

Midwinter Financial Services today announced its integration with Class, allowing users of both platforms to sync and replicate portfolios from the SMSF administration provider into the financial advice tech firm’s AdviceOS.

Fund guardians key in mitigating litigation

September 13, 2018

Malavika Santhebennur

SMSF members would be wise to appoint a fund member guardian in addition to an enduring power of attorney (EPA) to safeguard their fund should they lose mental capacity.

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Administration, Compliance

New NALI rules still ambiguous

September 13, 2018

Malavika Santhebennur

Advisers require more ATO guidance on what are considered to be ‘internal arrangements’ under the proposed new non-arm’s-length income (NALI) rules as they attempt to navigate clients through the uncertainty ahead, according to a lawyer.

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Administration, Auditing, Compliance

SISFA outlines audit eligibility criteria

September 5, 2018

Malavika Santhebennur

SMSF trustees who have received an auditor management letter or any fund that has breached the superannuation legislation should not qualify for the three-year audit cycle for at least three years, according to an SMSF advocacy group.

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Administration, Superannuation

BT Panorama FUA grows by 74 pct

August 28, 2018

Malavika Santhebennur

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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Administration, Compliance

Traps to avoid when setting up an SMSF

August 14, 2018

Eugene Ardino

The number of Australians establishing SMSFs has been rising consistently since an amendment to the Superannuation Industry (Supervision) Act 1993 in 1999 allowed for SMSFs to be controlled by trustees rather than the federal government.

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Administration

Acquisitions boost SuperConcepts fund numbers

August 8, 2018

Malavika Santhebennur

SuperConcepts has added 7520 funds during the first half of 2018, which the SMSF administrator attributed to the acquisition of the More Superannuation and SMSF Managers SMSF businesses, along with organic growth.

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Accounting, Administration

ECPI method switching can be avoided

July 31, 2018

Darin Tyson-Chan

Financial advisers can help their clients avoid having their SMSF switch between the segregated and unsegregated methods for exempt current pension income (ECPI) calculation purposes at different periods throughout a given financial year by maintaining a small asset balance of the fund in accumulation phase, a technical expert has said.

Planners feel left out of TBAR loop

July 24, 2018

Malavika Santhebennur

Financial planners with SMSF clients feel excluded from the transfer balance account reporting (TBAR) process due to poor communication practices that currently exist between themselves, accountants, trustees and administrators, according to a specialist SMSF adviser.

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