News : SMSF

Accounting, Administration, SMSF

Class improves its market presence

SMSF software provider

Class has recorded a jump in the number of clients using its suite of products for the 12-month period to the end of March 2023.

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Auditing, SMSF, Superannuation, Tax

Alternative soft cap method mooted

Net taxable investment earnings

The SMSF Auditors Association of Australia has suggested a different calculation process be used for the proposed tax on super balances over $3 million.

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SMSF, Superannuation, Tax

New tax threshold needs review

$3 million threshold.

The consultation process regarding the proposed $3 million soft cap on the superannuation balances of individuals is overlooking a key element.

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ASIC, Auditing, SMSF

More SMSF auditors sanctioned

SMSF auditors

ASIC has taken enforcement action against 11 registered SMSF auditors, including the disqualification of seven practitioners.

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ATO, SMSF

ATO issues two SMSF reminders

ATO SMSF

SMSF trustees have been reminded to check if they have any unclaimed super and if the ATO has their most recent fund bank account details.

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Business News, SMSF, Technology

US fintech firm to enter SMSF admin space

SMSF

A US-based fintech company is looking to enter the SMSF market through the acquisition of a firm with an established fund administration service.

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Auditing, Education, SMSF

Auditors failing key requirements

SMSF auditors

Many SMSF auditors are being issued with ATO education directions for failing one of the most fundamental tasks required of them.

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SMSF, Superannuation, Tax

Clarifying the $3 million soft cap

$3 million superannuation cap

The proposed $3 million soft cap has caused significant angst in SMSF circles, but understanding the facts of the measure to date is important.

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SMSF, Superannuation

TSB used to level playing field

Treasury has admitted the use of the TSB to levy a proposed earnings tax was chosen to prevent people moving funds to sidestep the tax.

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SMSF

New SMSFs favour fewer members

New SMSFs members

Current statistics have revealed funds servicing fewer members have the most appeal for individuals looking to establish an SMSF.

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