News : Regulation

ATO, Regulation

Reserve use still on ATO radar

The ATO has warned it will take firm action either under Part 4A of the Income Tax Assessment Act or the sole purpose test if it finds artificial arrangements where SMSF members attempt to utilise reserves to circumvent caps.

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Education, Regulation

SuperConcepts releases online training

SuperConcepts’ technical education team has released a 30-module training course designed to keep professionals updated on the latest regulatory requirements around SMSF advice.

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Financial Planning, Regulation

Likely reform will put advice at risk

Expected financial planning reforms following the revelations from the banking royal commission will restrict advice to those who can afford to pay thousands of dollars in comprehensive advice fees, according to an online advice firm.

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Auditing, Regulation

Survey finds lack of support for triennial audits

A new survey of SMSF professionals has found 93 per cent of respondents do not support the proposed three-yearly audit cycle for eligible funds, while 94 per cent believe it would lead to a greater risk of contraventions by trustees.

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Pensions, Regulation

Actuarial certificate regulation will cut red tape

SMSF administrator SuperConcepts has urged Treasury and the federal government to push ahead with a regulation that will prevent SMSFs that only have account-based pensions in their fund from needing to obtain an actuarial certificate if they want to cut costs and red tape.

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Auditing, Regulation

Technology enables regular audits

SMSF administrator and software provider SuperConcepts has highlighted triennial audits will be counterproductive to technological improvements that mean SMSF audits can occur more regularly.

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Regulation, Superannuation

Implementing PC SMSF findings not a sure thing

The federal government has no immediate plans to apply changes to restrict members with less than $1 million from establishing an SMSF in the wake of the Productivity Commission’s draft report on superannuation.

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Compliance, Regulation, Superannuation

Trust deed position for FHSSS confused

The role an SMSF trust deed plays in allowing the use of the First Home Super Saver Scheme (FHSSS) remains slightly unclear, according to a superannuation specialist lawyer.

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Regulation

All SMSFs will feel brunt of PC findings

No SMSF can escape being affected by the Productivity Commission’s draft report into competition and efficiency in superannuation and its findings about the SMSF sector, according to Chartered Accountants Australia and New Zealand (CAANZ).

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Regulation

Sole purpose should not be a political football

The last time I looked, the sole purpose test dictates an SMSF needs to be maintained for the sole purpose of providing retirement benefits for its members or their dependants if the member passes away before retirement.

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