News

ATO, Pensions

TR 2013/5 upgrade means more red tape

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, minimum pension payment, TR 2013/5, Taxation Ruling 2013/5, commutation, ECPI, exempt current pension income, Institute of Financial Professionals Australia, IFPA, Natasha Panagis, tax components, lump sum

The update to Taxation Ruling 2013/5 will create noticeably more administrative work for trustees who fail to meet the minimum pension payment standards.

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Auditing

Highlight risks to avoid audit advice

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, auditor, risky assets, evidence, reasoning, The Super Playbook 2025, ARC Super, Ashley Course, investment strategy

Auditors can flag the presence of risky assets in an SMSF by highlighting the absence of evidence or reasoning for their presence in a fund.

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financial advice, Financial Planning

Minor CSLR reduction disappointing

CSLR, levy estimate, Compensation Scheme of Last Resort, SMSF Association, Financial Advice Association Australia, $20 million cap, Peter Burgess, funding model, review, Sarah Abood, Shield, First Guardian

The minor reduction in costs borne by advisers under the Compensation Scheme of Last Resort will not help the advice sector, which is waiting for changes to the funding model.

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Retirement, Superannuation

Super valued, but early access a concern

Chris Grice, contribution rules, early access, financial security, Misha Schubert, National Seniors Australia, retirement plans, Super Members Council, superannuation, valued

The role of superannuation is highly valued by consumers, but many see early access as undermining its purposes and outcomes.

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ASIC, financial advice, SMSFA, Superannuation

SMSFA backs ASIC super warning

The SMSF Association has supported ASIC’s warning for people to be on high alert for cold callers encouraging them to switch their super.

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Platforms, Valuations

Legacy pension valuation not simple

The value of a legacy pension to be commuted cannot be determined simply by the records produced by administration software systems.

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ATO, Compliance, Investments, SMSF

Don’t classify gold, diamonds as collectibles

Gold and diamonds have never been considered collectible or personal-use assets and SMSFs should only classify them as physical assets.

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ASIC, financial advice, Financial Planning

ASIC levy to fall by over $500

The ASIC adviser levy is estimated to decrease by more than $500 as the regulator reduces the costs it will recover from the sector.

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Division 296, SMSF, Tax, Valuations

Asset valuations unchanged for Div 296

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, asset valuation, Division 296, SIS Regulation 8.02B, market value, Accurium, Mark Ellem, total super balance, valuation guidelines

The asset valuation rules currently applicable to SMSFs will remain unchanged after the Division 296 tax is implemented.

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Property, SMSF, Trusts

13.22C trust utility overrides its complexity

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, 13.22C unit trust, restrictions, ownership of assets, BT, Bryan Ashenden, property, investment

While 13.22C trusts are complex, their use inside an SMSF can provide trustees with more flexibility around the use of underlying assets.

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