News

Appointments, Business News, Crypto Assets

New SMSF digital asset body formed

self managed super, self managed superannuation, SMSF, digital assets, SMSF Innovation Council, Kate Cooper, OKX Australia, ASF Audits, Shelley Banton, frameworks

A cohort of industry experts has formed a new body to drive the uptake and use of digital assets within the SMSF sector.

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Business News

Bright honoured with scholarship

Greg Bright, scholarship, Fund Executives Association Limited, FEAL, Philippa Honner, Evolution Media Group, Vanessa Stoykov, Brian Delaney

An organisation for superannuation fund executives has launched a scholarship to recognise the legacy of the late Greg Bright.

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Documentation, Pensions

Deed key to stopping legacy pensions

self managed super, self managed superannuation, SMSF, SMSF trustees, legacy pensions, trust deed, commute, commutation, Smarter SMSF, Tim Miller, SuperGuardian, life expectancy pensions, amnesty

Trustees need to pay particular attention to the details contained in the SMSF trust deed before commuting a legacy pension.

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Auditing, Compliance, Documentation

Check existence of old declarations

self managed super, self managed superannuation, SMSF, SMSF auditors, trustee declaration, 10 years, auditor contravention report, ACR, DBA Lawyers, Bryce Figot, ATO, The Auditors Institute

Auditors need to check whether trustees still hold their declarations and take compliance action if they cannot be found.

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AFCA, financial advice, Financial Planning

AFCA should name and shame

SMSF Association, Australian Financial Complaints Authority, AFCA, publicise determinations, unpaid determinations, Compensation Scheme of Last Resort, CSLR, Peter Burgess, submission

Major professional bodies say the threat of publication will provide bad actors with an additional incentive to pay their AFCA fines.

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Retirement, Superannuation

SG increase boosts retirement outlook

superannuation guarantee, comfortable retirement, Association of Superannuation Funds of Australia, ASFA, 12 per cent, Mary Delahunty

The increase in the superannuation guarantee has reached a level that will result in younger workers exceeding the comfortable retirement standard.

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Division 296, SMSF, Tax

Div 296 addbacks creating confusion

self managed super, self managed superannuation, SMSF, withdrawals, superannuation, Division 296, formula, earnings calculation, proportion of earnings, Heffron, Meg Heffron, addbacks

The addition of withdrawals into the Division 296 formula is causing confusion, but their inclusion should only be to calculate earnings.

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ASIC, financial advice, Superannuation

Rollover-linked firm has licence cancelled

self managed super, self managed superannuation, SMSF, Australian Securities and Investments Commission, ASIC, Shield Master Fund, licence, cancelled, Financial Services Group Australia, Graham Holmes, banned, Ferras Merhi, investigation, First Guardian Master Fund

ASIC has cancelled the licence of a firm that provided advice regarding the Shield Master Fund and also banned its responsible manager.

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ATO, Regulation, Superannuation, Trusts

High Court can hear Bendel appeal

self managed super, self managed superannuation, SMSF, ATO, High Court appeal, unpaid present entitlements, UPE, Federal Court, Commissioner of Taxation v Bendel, unit trusts, loans, Division 7A, financial accommodation

The High Court has granted leave for the ATO to appeal the Bendel case decision related to the treatment of unpaid present entitlements.

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