News

ETFs

New single-bond ETFs listed

single-bond exchange-traded funds ETF Income Asset Management Danielle Press

Income Asset Management has released two new single-bond ETFs for the retail market and flagged more would be released in the first half of next year.

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ATO, Auditing, Compliance

ACR required for rectified breaches

SMSF Self-managed super auditor contravention report ACR Accurium Anthony Cullem Seamless SMSF Frank La Spada compliance breach rectification

An SMSF compliance breach that has been rectified in the year in which it occurred will still have to have an ACR lodged for it with the ATO.

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Pensions

Act cautiously with pension amnesty

SMSF Self-managed super Heffron Meg Heffron Legacy pensions Asset test exemption transfer balance cap commutations

Using the five-year amnesty to commute a legacy pension will require caution where the new rules interact with other superannuation, tax and social security laws.

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Documentation, SMSF, Tax

Correct SAR values needed for accurate TSB

SMSF Self-managed super IFPA Institute of Financial Professionals Australia Natasha Panagis Annual return accumulation phase values retirement-phase values total super balance TSB

The correct reporting of a total super balance can be skewed heavily if accumulation and retirement-phase values are poorly reported in an SMSF annual return.

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financial advice, Financial Planning

Apply higher CSLR levy to phoenix firms

Financial Advice Association Australia FAAA CSLR Compensation Scheme of Last Resort Senate inquiry Dixon Advisory Phoenixing E&P Financial Group

Financial advice licensees that shut down firms to avoid paying compensation claims should be hit with an additional CSLR levy as a penalty for their behaviour.

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Auditing, SMSF

Short-stay lodging docs obtainable

Acceptable documentation for audit purposes is obtainable for short-stay accommodation properties held within an SMSF as proof of compliance.

Acceptable documentation for audit purposes is obtainable for short-stay accommodation properties held within an SMSF as proof of compliance.

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NALI/NALE

In-specie contribution changes hide NALI trap

New draft guidance on the use of in-specie assets as a contribution hinges on the valuations applied as any incorrect figures may create NALI problems.

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financial advice, Financial Planning

Govt cautious on new class name

A previous attempt by the government to name its proposed new class of adviser has left it cautious about trying again as it attempts to find an appropriate and acceptable title.

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SMSF, Technology

The changing face of SMSFs

The character of the SMSF sector is changing, with a younger demographic driving establishments and the increasing use of technology.

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Pensions, SMSF

Legacy pension amnesty endorsed

The amnesty regarding legacy pensions has been applauded by the SMSF Association, but it has been noted the measure has fallen short in some areas.

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