ASIC has granted an extension for providers of superannuation and retirement calculators to comply with the requirement generic financial calculators must account for inflation. 

The date order in which superannuation contributions are received under the First Home Super Saver Scheme can have tax implications, according to SuperCentral.

Advisers have been told to use extra caution around the value used on a transfer balance account report (TBAR) as many have been submitting the wrong figure.

The deadline by which SMSFs had to obtain a legal entity identifier (LEI) under the European-based Markets in Financial Instruments Directive (MiFID II) regulations has been extended by six months.

Many advisers are not across the traps of strategies using the downsizer contribution measure, with SMSFs needing to be particularly careful, a specialist software provider has warned.

Alternative recourse is available to SMSFs when the company acting as the fund’s corporate trustee has been deregistered, with the appointment of new corporate trustees an option, according to a law firm.

The Tax Practitioners Board (TPB) has warned registered tax practitioners that inadequate procedures and policies in relation to their outsourcing or offshoring arrangements could breach its Code of Professional Conduct.

SMSF trust deeds in their current form are obsolete and should instead enable tailoring and flexibility as certain funds face ambiguous enduring power of attorney (EPOA) and binding death benefit nomination (BDBN) issues, an industry lawyer has said.