News

LRBA, SMSF, Tax

LRBA deductions limited to borrowing

LRBA deductions

An SMSF with an LRBA in place can claim deductions only for costs associated with borrowing activities and not for any expenses related to the loan’s establishment.

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ASIC, ATO, Auditing, Compliance

ATO refers record number of auditors to ASIC

ATO SMSF auditor ASIC

The number of referrals of auditors to ASIC by the ATO has climbed to its highest level in five years due to concerns about independence and evidence gathering.

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Administration

SuperConcepts takes on AET SMSF clients

SuperConcepts Equity Trustees administration services

SuperConcepts has struck the first partnership under its new owner, signing a deal to take on administration services from Equity Trustees’ SMSF clients.

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ESG, Investments

ESG credentials to be scrutinised

Zenith Greenwashing

Regulators are tightening their grip on greenwashing, with even accurate details used to promote a financial product’s ESG credentials coming under examination.

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Contributions, Tax

Acceptance rules top priority

superannuation contributions

Before advising clients on superannuation contributions, SMSF practitioners should first consider the acceptance rules trustees are bound by.

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LRBA

LRBA refinancing now a real option

SMSF LRBA refinancing

SMSFs using a related-party LRBA may look to refinance the loan arrangement on more favourable terms, but must do so with caution.

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ASIC, Compliance, financial advice

More details needed on levy spending

ASIC adviser levy FAAA Sarah Abood

ASIC should provide the advice sector with further information on how it spends more than $55 million each year on enforcement work, given the recent increase in the adviser levy.

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Retirement, Superannuation

Importance of super welcomed

2023 intergenerational report

A representative body has praised the government’s approach to superannuation as a driver of retirement income, but believes further improvements to the system are necessary.

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Retirement

Cost of living climbs again

ASFA cost of living retirees

The cost of living for retirees has increased for the fifth consecutive quarter, rising to new record levels as the price of daily necessities remains high.

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ATO, Pensions

Problem with legacy pension fix

SMSF legacy pensions ATO error

SMSF trustees are being prevented from commuting excess transfer balance cap amounts arising from legacy pensions due to an ATO systems glitch.

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