News

ATO, Compliance, SMSF, Tax

Tax agent banning decision upheld

Tax practitioners board ban

The AAT has upheld the Tax Practitioners Board’s decision to terminate the tax agent registration of a Victorian tax agent as a result of deliberate misleading conduct.

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Administration, financial advice, Platforms

Hub24 unveils new data feeds

Hub24

Platform provider Hub24 is set to expand the range of features available to its adviser clients, introducing new data feeds and capabilities to its platform.

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ATO, Contributions, SMSF, Superannuation

ATO error denying deductions

Personal superannuation contributions deductions

Some SMSF members are incorrectly being denied the ability to claim a tax deduction for personal contributions due to an ATO procedural error.

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SMSFA, Superannuation, Tax

$3m super tax law expected by mid-2024

Superannuation earnings tax

The government is likely to release draft legislation for the proposed $3 million superannuation earnings tax by early September, with the bill expected to pass through parliament in mid-2024.

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Property, Superannuation

Fund members access $400m for first homes

FHSSS first home super saver

Superannuation fund members have accessed more than $400 million to purchase a home since the start of the First Home Super Saver scheme in 2018.

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ETFs, Investments, Platforms

CommSec unveils international shares platform

International trading platform

Commonwealth Bank of Australia has launched an international share trading platform offering investors access to 13 additional international equities markets.

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Insurance

SMSF insurance costs deductible

SMSF insurance premiums deductibility

Proportionately taxed income of an SMSF has no effect on the deductibility of insurance premiums for risk cover held inside the fund.

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Compliance, financial advice, Regulation

Ethical advice goes beyond compliance

SMSF advice ethics

When providing advice to SMSF clients, advisers should consider external factors as adhering to the Corporations Act may not guarantee ethical conduct.

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Technology

AI will be a friend, not a foe

AI technology should be viewed with an open mind within the SMSF industry as it has been a part of normal business processes for some time.

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financial advice, SMSFA

SMSF sector built by advisers

SMSF sector specialist advisers

Specialist SMSF advisers have played a key role in building the SMSF sector and its representative body into a recognisable presence in the superannuation landscape.

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