News

Strategy

ATO rules out strategy wording

ATO investment strategy wording

While demand for specific SMSF investment strategy wording from the ATO is high, trustees will not receive this type of regulatory assistance.

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Downsizer

TSB tax may create downsizer caution

TSB tax downsizer

The use of downsizer contributions that increase a TSB will need to be considered in light of the proposed earnings tax based on that figure.

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Auditing

New service for aspiring auditors

SMSFAAA membership

Practitioners working towards an audit qualification will now have a tier of SMSFAAA membership tailored for their situation.

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Education, financial advice

Two-thirds pass latest adviser exam

Adviser exam February 2023

The pass rate for the ASIC adviser exam has climbed while the number of candidates sitting it has fallen away.

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Investments, Tax

Soft cap to change SMSF portfolios

tax SMSF strategies

SMSF investment strategies may change significantly should the proposed tax on individuals’ super balances above $3 million be implemented.

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Death benefits

Member benefit payment argument over

Member benefit payment

SMSFs will find it hard to debate the status of member benefits paid after a member dies given they will be aware of the timing of that event.

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Auditing

Trustees urged to provide audit evidence

SMSF trustees audit evidence

SMSF trustees have been reminded auditors will only work with the ievidence they are provided and valuation issues are their responsibility.

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Pensions, Tax

New tax to impact pension strategies

super tax pension

Pension strategies dealing with a member’s death could be impacted by the proposed additional tax on super balances above $3 million.

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Administration

Reporting change requires attention to detail

TBA reporting

The shift to quarterly reporting will require greater vigilance by SMSFs in recording events while removing the perception they can post-date decisions.

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Superannuation

Super satisfaction down, but SMSFs on top

superannuation satisfaction

SMSF members have continued to be the superannuation sector’s most satisfied fund members during a period when overall satisfaction has fallen.

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