News : SMSF

Administration, Education, SMSF

Admin provider unveils educational videos

SMSF SMSF Alliance David Busoli Administration Educational content Videos

An SMSF administration provider has launched a series of short, animated videos available to all advice providers to help educate trustees and members.

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ATO, Compliance, SMSF

ATO worry over loans to members

ATO SMSF Loans to members illegal early access Paul Delahunty

The ATO is worried about the practice of SMSFs lending money to members as a flag for potential illegal early access of fund assets.

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Regulation, Retirement, SMSF

Logic of SMSFs under RIC questioned

FAAA Financial Advice Association Australia RIC Retirement Income Covenant SMSFs

The government has been questioned as to why it is considering the inclusion of SMSFs under the Retirement Income Covenant, given their high levels of member engagement and access to advice.

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Administration, financial advice, SMSF

Incapacity too big to ignore

SMSF Incapacity Trust deed

The growing cohort of older SMSF trustees and members means advisers and auditors should be preparing to deal with more issues related to incapacity.

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Legislation, Regulation, Retirement, SMSF, Superannuation

RIC unnecessary for SMSFs

SMSF Retirement Income Covenant Investment strategy IFPA

The government is being encouraged to exclude SMSFs from the provisions of the Retirement Income Covenant after it recently raised the possibility of their inclusion.

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Auditing, Compliance, SMSF

Lower-cost audits fraught with risks

Auditor independence standards SMSF auditors APES 110 Auditing services Low-cost

The increasing use of cheaper, outsourced SMSF auditing services may pose new risks in relation to upholding the independence standards for auditors in the sector.

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Administration, Compliance, Investments, SMSF

Investment bands totally unnecessary

SMSF Investment strategies Asset allocations tables SIS Act

The inclusion of specific allocations to particular asset classes in SMSF investment strategies should be avoided to mitigate compliance issues.

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ASIC, Auditing, Compliance, SMSF

ASIC sanctions nine SMSF auditors

SMSF auditors ASIC Disqualification Compliance

ASIC has taken action to remove seven SMSF auditors from practice and imposed conditions on two more practitioners after referrals from the ATO.

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ATO, SMSF, Superannuation

Sector shows solid long-term growth

ATO SMSF sector data Growth Establishments wind-ups assets

The latest annual data from the ATO has confirmed the ongoing steady growth of the SMSF sector, which now accounts for a quarter of all superannuation assets.

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ASIC, Compliance, SMSF

SMSF investment firm to be wound up

SMSF investment firm Brite Advisors ASIC Federal court wind-up

The Federal Court has ordered the winding up of an investment firm offering services to SMSF and pension scheme members in four countries amid concerns over missing assets.

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