News

ASIC, Compliance

ASIC targeting company compliance

SMSF corporate trustees compliance

Increased scrutiny is being applied to the compliance activities of SMSF corporate trustees by ASIC.

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ATO, Compliance

Trustees warned on excess NCC release

Excess non-concessional release

SMSF trustees have been advised that any excess non-concessional contributions must be released to the ATO and not fund members and not doing so is a compliance breach.

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Regulation, SMSF

Expert status will bring heavy penalties

SMSF practitioners regulators

SMSF practitioners have been presented with a case study of what they can expect from the regulators if they intentionally breach the law.

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Education, financial advice

Experience pathway needs sunset clause

Experienced adviser pathway FAAA

The FAAA will support the experienced adviser pathway proposal if it includes a sunset clause and a code of ethics education requirement.

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ATO, SuperStream

SuperStream solutions pending

SuperStream

A solution could soon be made available by the ATO for common problems SMSF trustees are experiencing when using SuperStream for fund rollovers.

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Superannuation, Tax

Scrap super tax for $10m cap

superannuation tax cap

Rather than introduce a complex tax based on total superannuation balances, the government should put in place a $10 million hard cap for all fund members.

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financial advice, Regulation, SMSFA

Experience plan may have kept more advisers

Experienced adviser pathway

The experienced adviser pathway should have been offered sooner under the education changes of recent years and may have led to greater retention of advisers.

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financial advice, Retirement

Retirement confidence based on advice action

Retirement confidence advice

People confident about retirement have typically taken some form of action to plan for it, such as seeking professional financial advice, a new study has found.

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BDBNs, SMSF

Digital BDBN approval very risky

Digital BDBN

Executing a binding death benefit nomination is legally allowable, but exposes SMSF trustees to a significantly higher level of risk.

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Contributions, SMSFA, Superannuation

SMSFA backs payday super reforms

Payday super SMSF

New reforms requiring employers to pay super on payday will benefit younger Australians using SMSFs and improve compliance within the superannuation system.

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