News

financial advice, Tax

Treat Div 296 as blank slate with client

SMSF Self-managed superannuation Division 296 tax $3 million Financial advice Deloitte Liz Westover The Tax Institute

SMSF practitioners should tell clients to forget what they know about the Division 296 tax as many are concerned about misconceptions and help them reset their understanding of the measure.

read more
ATO, Auditing

Platform asset audit guidance issued

Audit report Part A qualification ATO

The ATO has informed trustees that an audit qualification may be unavoidable where evidence to confirm asset ownership held by certain platforms is difficult to obtain.

read more
Administration, Compliance, NALI/NALE

PCG 2016/5 not absolute for NALI

Safe harbour PCG 2016/5 NALI non-arm's-length income LRBA Limited recourse borrowing arrangement SMSF Self-managed superannuation ATO Paul Delahunty

Not satisfying the LRBA safe harbour rules defined in PCG 2016/5 will not necessarily trigger the non-arm’s-length income provisions.

read more
ASIC, Auditing, Compliance

SMSF auditors sanctioned over fee source

ASIC SMSF auditors Independence standards ATO Referral

ASIC has suspended the registrations of three SMSF auditors following an investigation that found significant breaches of the independence standards.

read more
Legislation, Tax

Govt maintains super tax is fair

Stephen Jones Self-managed superannuation funds Division 296 tax

The Minister for Financial Services has told APRA funds and investment managers its plans to lift taxes on high super balances are fair and part of a wider agenda around equity in the system.

read more
financial advice, Legislation

Limit new advice class to existing products

Delivering better outcomes Financial adviser Scope of advice Advice reforms

The government’s proposed new class of advisers should operate under a very limited scope and only be authorised to speak about products already held by a consumer.

read more
Administration, Compliance, Pensions

TRIS strategy can mean access risk

Colonial First State Craig Day transition-to-retirement income stream illegal early release SMSF Self-managed superannuation TR 2013/5 ATO

Starting and stopping a transition-to-retirement income stream multiple times in one year may trigger compliance issues for an SMSF.

read more
Administration, ECPI, Tax

ECPI method can impact investment strategy

SMSF Self-managed superannuation Accurium Anthony Cullen ECPI exempt current pension income investment strategy segregation of assets

Trustees using the segregated method to calculate ECPI must have this decision reflected in the SMSF’s investment strategy in some circumstances.

read more
Appointments, SMSFA

SMSF Association names new board members

SMSF Association Board Appointment Meg Heffron Lachlan Sue Brett Griffiths Meg Heffron

The SMSF Association has named Meg Heffron as one of three new board members as Deborah Ralston stands down after six years.

read more
financial advice, Financial Planning

FAAA mulls new adviser support

Financial Advice Association Australia FAAA Sarah Abood New class of adviser Delivering Better Financial Outcomes Fiduciary duty

Financial Advice Association Australia members are split as to whether their industry body should support the proposed new class of advisers, but agree they should not be called that.

read more

Copyright © SMS Magazine 2024

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.