News : Regulation

ATO, Regulation, Superannuation

Work test anomaly addressed

Work test

An anomaly that arose from the most recent amendment to the work test has been rectified after the release of a new legislative instrument by the ATO.

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Education, financial advice, Regulation

Bill defining experience pathway released

Adviser experience pathway

Draft legislation has been introduced defining the experience pathway whereby advisers will be deemed to have met their education requirements.

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Investments, Regulation, SMSFA, Tax

Imputation system bill problematic

Franking credits bill

The SMSF Association is worried about the impact proposed legislative amendments to the franking credit system will potentially have.

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Investments, Regulation

Sole purpose a gatekeeper for assets

sole purpose gatekeeper

The sole purpose test should be seen as a gatekeeper to prevent SMSFs from investing in assets that are unsuitable for the fund and members’ goals.

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Regulation

ABN rules may lock out late lodgers

ABN SMSF trustees

Proposed changes to the Australian business number (ABN) system may lock late-lodging trustees out of their funds until they submit required information.

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Compliance, Regulation

Third option for bankrupt trustees

bankrupt SMSF trustees

Trustees may not have to exit their SMSF if declared bankrupt, with a court ruling implying reasons for bankruptcy may be a deciding factor.

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Regulation

Behind the budget – the unwritten stuff

SMSFs residency requirements

The sector will await the next budget to see if the abolition of the active member test is part of moves to relax SMSF residency requirements.

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Regulation, Superannuation

Current-day benefits can be okay

benefits sole purpose test

SMSF members can enjoy present-day benefits from investments in certain circumstances without breaching the sole purpose test.

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Regulation, Superannuation

No residency rule details as yet

SMSF residency rules

The change to the superannuation residency rules is still on the policy agenda, but how it will be implemented is not yet known.

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Compliance, Documentation, Regulation

More timely SMSF data likely

SMSF data

SMSF data reporting will need to be more timely and accurate to enable governments to make better superannuation policy in the future.

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