News

ATO

Valuations to get increased focus

ATO SMSF asset valuation

The valuation of assets is an area of compliance the ATO is looking to focus on with greater intensity as a result of recent data analysis.

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Compliance, SMSF, Superannuation

Sole purpose must be starting point

SMSF sole purpose test

SMSFs should never try to retrospectively fit fund transactions under the sole purpose test, but use it as a first point of reference when deciding on fund-related actions.

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Administration, Investments, SMSF, Strategy

Strategy review doesn’t mean changes

SMSF Investment strategy review SIS Act

The mandatory annual review of an SMSF investment strategy should not be confused with a perceived requirement to make changes.

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Contributions, Retirement, Superannuation

SG working, but some may fall short

Superannuation guarantee contributions ASFA comfortable retirement standard

The superannuation guarantee will help many people reach a comfortable retirement, but some will have to work longer or save more to reach that standard.

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Accounting, Administration, Auditing, SMSF

Better auditor contact beneficial

SMSF auditors Audit preparation Accurium Mark Ellem

Stronger and more frequent communication lines between accountants and advisers and their SMSF auditors will make fund audits more efficient.

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Administration, SMSF, Strategy, Tax

Family trusts can offset $3m tax

Family protection trusts Estate planning superannuation SMSF earnings tax

Family protection trusts can be used to manage additional tax obligations related to existing or future legislative changes to the superannuation system.

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Superannuation

Low interaction limits retirement outcomes

Objective of superannuation accumulation retirement Stephen Jones

Limited content during the accumulation phase has led many superannuation funds and members to have very limited interaction when moving into retirement phase.

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ETFs, Investments, Markets

Betashares adds new hedged ETF

Betashares hedged currnecy FTSE ETF

Betashares has added a currency-hedged version of its FTSE 100 ETF to its suite of fund offerings, pushing the number of its currency-hedged investment vehicles to 20.

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Accounting

Reserves accounting needs review

SMSF reserves SMSF administration software Defined benefit scheme

Practitioners and trustees should ensure the SMSF administration software in use complies with the law with regard to the allocation of earnings.

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NALI/NALE

IFPA calls on senators to reject NALE

NALE IFPA Senate Economics Legislation Committee

IFPA has told a senate committee a bill to address NALE is excessive and should be dropped in favour of returning to a previous legislative solution.

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