News

Administration, Documentation, Management, Regulation, SMSF

State laws complicate incapacity rules

SMSF incapacity

When preparing for the incapacity of an SMSF trustee, practitioners must be aware of the legislative requirements of each state and territory where the fund may hold assets or interests.

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LRBA, SMSF, Superannuation, Tax

LRBA TSB treatment a soft cap issue

$3 million soft cap LRBA apportioning

The apportioning of LRBA liabilities remaining to be paid to the total super balance of SMSF members is another $3 million soft cap issue.

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SMSF, Superannuation

SMSFs lead in satisfaction ratings

Roy Morgan Superannuation satisfaction

The level of contentment of SMSF fund members with their choice of superannuation vehicle continues to remain high despite an overall decline in super satisfaction.

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Regulation, Retirement, Superannuation

Govt releases super objective draft bill

Superannuation objective

Treasury has released a draft exposure bill outlining the objective of the superannuation system, which will include a requirement for future policies to show how they align with the objective.

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Administration, Appointments, Platforms

Class names new operations manager

Class Kate Anderson

Class has recruited an experienced financial services executive from an advice firm to head up its operations team.

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Investments, Markets

New unitised private debt fund released

Zagga CRED Fund unitised private debt

A new unitised private debt fund has been introduced to the Australian market, designed to provide a hedge against rising interest rates.

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Superannuation

TSB can be reduced via tax law

TSB total superannuation balance reduction

SMSF members concerned about the proposed $3 million earnings tax can use additional book-keeping steps to reduce the total super balance that appears in their member statements.

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ATO, Compliance

Illegal access leading trustee failure

Illegal access ATO SMSF

The ATO has identified illegal access to superannuation as a key area where SMSF trustees are not meeting their obligations, noting it has led to an increase in disqualifications.

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Administration, Compliance, SMSF

Offshore member status needs consideration

SMSF residency rules

SMSFs with members living overseas should be reviewing their stake in the fund to ensure they are not breaching residency rules, which have not changed despite government announcements.

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Investments, Platforms

OpenInvest adds admin platform data feed

OpenInvest BGL data feed

OpenInvest will begin providing a data feed into BGL’s SMSF, investment portfolio, accounting and tax software offerings, with plans to do the same with other administrators.

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