News : Regulation

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.

read more
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.

read more
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.

read more
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).

read more
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.

read more
Regulation, Superannuation

Poll provides franking credit insight

A recent poll conducted by Wilson Asset Management (WAM) among its clients opposed to the Labor Party’s proposed franking credit refund policy has found 69.2 per cent of respondents stand to lose between $5001 and $30,000 a year should the measure be introduced.

read more
Regulation, Strategy, Superannuation

SMSFs must keep constant NALI watch

SMSF advisers and trustees must be mindful of the new non-arm’s-length income (NALI) rules when assessing fund strategies so as not to pay maximum levels of taxation, a sector expert has said.

read more
ATO, Regulation, Superannuation

SMSFs should share SuperStream costs

Extending the operation of SuperStream to SMSF rollovers will inflate costs for Australian Prudential Regulation Authority (APRA)-regulated funds, with little or no cost burden falling on the SMSF sector, according to an industry body.

read more
Regulation

PC findings will feed negative SMSF stereotypes

The Productivity Commission’s finding that SMSFs with balances below $1 million are not cost-effective and underperform has fuelled misinformation about SMSFs, potentially increasing anxiety among SMSF members and deterring possible new fund owners, according to an SMSF expert.

read more
ATO, Compliance, Regulation

TBAR a potential TSB solution

It may be beneficial for SMSF members to calculate and record their total super balance (TSB) as at 30 June 2017 via a transfer balance account report (TBAR) rather than by way of the fund’s annual return, particularly if their retirement savings assets are close to $1.6 million, a technical expert has said.

read more

Copyright © SMS Magazine 2025

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.