News

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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Superannuation, Tax

Balance equalisation appeal to rise

balance equalisation strategies

Equalisation strategies may increase in their appeal as a method to counter the proposed new tax on member balances above $3 million.

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Investments, Strategy

Specialist firms launch strategy service

investment strategy service

Two specialist firms have launched a service to assist SMSFs create compliant investment strategies that match the specific aims and goals of a fund.

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Retirement

Cost of living continues to rise for retirees

cost of living

The cost of living for retirees increased by 7.5 per cent over the year, raising the level of super needed to fund a comfortable retirement.

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SMSF

New SMSFs favour fewer members

New SMSFs members

Current statistics have revealed funds servicing fewer members have the most appeal for individuals looking to establish an SMSF.

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