News : Regulation

Regulation, Superannuation

Early release of super second consultation begins

Treasury has released an issues paper with findings and draft proposals for reform of the rules governing the early release of superannuation benefits on compassionate and severe financial hardship grounds.

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Regulation, Retirement, Tax

Franking ban threatens retirement system

Pink Piggy bank money concept on dark blue background

The proposed policy to scrap refundable franking credits undermines the core principles of Australia’s retirement system, a House of Representatives Standing Committee on Economics hearing into the proposal was told yesterday.

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Regulation, Retirement, Superannuation

Franking policy removes SMSF control, choice

The Labor Party’s proposed policy to ban excess franking credits will diminish the control and choice of SMSF trustees and members, a House of Representatives Standing Committee on Economics hearing into the proposal was told today.

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Investments, Regulation, Retirement

Imputation credit policy carries currency risk

The Labor Party’s proposal to scrap imputation credit cash refunds will encourage Australian investors to invest globally, hence increasing currency risk, a fund manager has warned.

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Regulation, Retirement, Superannuation

Franking inquiry begins public hearings

The House of Representatives Standing Committee on Economics will this week hold two hearings for its inquiry into the implications of removing refundable franking credits, after receiving hundreds of submissions from retirees.

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ATO, Regulation

SMSF sector in good shape: ATO

The ATO has given the SMSF sector a clean bill of health amid the super reform challenges as it looks to lift trustee education and literacy in the next 12 months.

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Accounting, Documentation, Regulation

TBAR will raise technology use by accountants

Transfer balance account report (TBAR) requirements will force accountants to refocus on how they will use technology in their practices to service their SMSF clients, a technical expert has said.

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Compliance, Investments, Regulation

SMSF segregation switching to attract ATO scrutiny

tax advice

Superannuation regulations permit investment segregation to be used in an SMSF subject to the ‘fair and reasonable’ standards, however, behaviour intended to manipulate tax outcomes, specifically setting up a second SMSF, will bring ATO scrutiny.

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Regulation, Tax

Case for franking ban not strong: IPA

The Institute of Public Accountants (IPA) has reiterated its rejection of an excess franking credits ban as it prepares to appear before a parliamentary committee public hearing on the implications of the proposed policy.

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Regulation, Tax

FSC opposes scrapping of imputation credit refunds

The Financial Services Council (FSC) has called for a moratorium on adverse changes to the superannuation system, including changes to franking credit refunds.

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