News : Regulation

ATO, Regulation

ATO must deliver NALI guidelines

The ATO should provide the industry with official guidelines spelling out the difference in internal transactions under the new non-arm’s-length income (NALI) rules once they are passed into law, a technical expert has said.

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ATO, Regulation, Superannuation

Super reforms slowing SMSF growth

The growth in the number of SMSFs has slowed, particularly in the past 12 months, as the sector bears the brunt of the super reforms announced in the 2016 federal budget.

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Regulation, Retirement, Superannuation

SMSF trustees face double whammy

SMSF trustees are facing adverse consequences from two policy proposals should Labor win the next federal election, according to a superannuation educator.

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Accounting, ATO, Regulation

TBAR requirements overwhelm accountants

There is a genuine sense many practices are not ready for the ongoing transfer balance account reporting (TBAR) requirements post 1 July 2018, according to an SMSF expert.

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Regulation, Superannuation

SMSFs facing major SuperStream issue

The extension of SuperStream to SMSFs will be a positive development for rollovers, however, the inclusion of contributions will be problematic, a technical expert has warned.

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Regulation, Retirement

Franking credit inquiry gets SMSFA support

The SMSF Association has welcomed the decision by the House of Representatives Standing Committee on Economics to commence an inquiry into the implications of removing refundable franking credits.

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Accounting, Regulation

Calls continue for accountants’ exemption revival

Chartered Accountants Australia and New Zealand (CAANZ) has revealed it has experienced similar feedback to other accounting bodies with significant requests from members wanting a return to the accountants’ exemption with regard to servicing SMSF clients that was in operation before the implementation of the Future of Financial Advice (FOFA) reforms.

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ATO, Compliance, Regulation

Extra caution needed for reserves strategies

The use of reserves by SMSFs must be approached by advisers with greater prudence as the strategies the ATO will tolerate are now very limited, an industry lawyer has warned.

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Compliance, Regulation

Put clients on notice with NALI

Advisers with SMSF clients who do not use a real estate agent may run into issues with non-arm’s-length income (NALI) due to the lack of clarification in a bill currently before Parliament and therefore must inform clients of this possibility, an industry lawyer has warned.

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ASIC, Auditing, Regulation

Audit go-ahead spotlights auditor registration

Chartered Accountants Australia and New Zealand (CAANZ) and CPA Australia have indicated should the triennial audit cycle for eligible SMSFs proceed, the Australian Securities and Investments Commission (ASIC) may need to review its auditor registration requirements.

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