News

financial advice

FPA/AFA merger will provide operational shift

FPA AFA merger

The proposed merger between the FPA and AFA will make a significant difference to the service provided to financial advisers.

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financial advice

Advice practices focused internally to survive

advice practices improvements

Improvements to the operation of their own business has helped advice practices to survive regulatory change, according to a new survey.

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Contributions

ATO discretion now more critical

ATO contributions discretion

The ATO’s limited ability to use its discretion to disregard non-concessional contributions made in error has new found significance.

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Property

Future value of property needs disclosure

SMSF future value

SMSFs purchasing property earmarked for development should have it valued for its future worth to prevent breaching acquisitions valuation rules.

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LRBA

LRBA warnings still valid

LRBAs risks

Financial advisers should still warn clients about the risks of LRBAs despite a recent report stating they were relatively safe.

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ATO, Retirement

Tax-avoidance via SMSFs targeted

SMSFs tax avoidance

Retirement planning schemes using SMSFs to avoid tax have been listed as an area of concern and action for the ATO.

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SuperStream

Two SuperStream components key

SuperStream components

Two components of the SuperStream system must be acknowledged by the trustees of a superannuation fund rolling over a member balance.

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Compliance

Penalty unit rise boosts corporate trustee case

penalty unit corporate trustee

The increases in penalty units during this year have strengthened the case for SMSFs to use a corporate trustee structure.

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financial advice

ASIC wants ongoing cost review

SMSF costs

ASIC Information Sheet 274 has instructed practitioners to educate their clients on the costs associated with an SMSF beyond establishment.

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ATO

Quarterly TBAR lodgement encouraged now

Quarterly TBAR

The ATO has encouraged SMSF trustees to begin the practice of lodging TBARs quarterly despite the requirement not commencing for six months.

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