News : Regulation

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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Compliance, Regulation

TBAR change to compress reporting dates

TBAR annually reported

The shift to quarterly transfer balance account reporting will compress a number of annual reporting dates into a single day not related to a fund’s annual return lodgement.

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Pensions, Regulation

SMSFA outlines key changes for govt

SMSFA budget submission

A legacy pension amnesty and extension of the temporary absence rule are critical measures the government should introduce. 

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Compliance, Regulation

Director ID process user unfriendly

director identification elderly trustees

Anecdotal evidence has indicated the application process to obtain a director identification number is proving extremely hard for elderly trustees.

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Regulation

Government urged to enact NALI changes

tax institute superannuation

The Tax Institute has pointed out to the government key superannuation areas needing attention, including amendments promised prior to the federal election.

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Financial Planning, Regulation

Advice delivers trustee opportunities

specialist financial advice SMSF

Specialist financial advice is providing trustees with better regulatory knowledge that can lead to a material benefit for their SMSF.

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Regulation

DDO regime should include carve-out

SMSFs DDO

SMSFs should be exempt from design and distribution obligations as they are not products, but personalised structures used by members to access products.

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Financial Planning, Regulation

Specialist SMSF advice training a must

SMSF specialist advice training

SMSF advice should only be given by those with specialist training and this should be a mandatory requirement under any further advice reforms.

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Contributions, Regulation

Downsizer timeframe now changed

downsizer contributions

An impending legislative change means individuals do not have to forgo making downsizer contributions even if they are not made at age 60.

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Contributions, Regulation

Downsizer change addresses two issues

downsizer contribution issues

Two existing issue within the current superannuation framework have been addressed by the amendment to the downsizer contribution rules.

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