News

Superannuation, Tax

Balance caps are retrospective fix

cap superannuation balances

The introduction of a cap on superannuation balances would only be trying to prevent events that have happened and will never be repeated.

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Crypto Assets

The FTX collapse and its SMSF implications

cryptocurrency SMSF

Questions must be asked about how cryptocurrency can be allowed as an investment for retirement saving within an SMSF.

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Property

Property valuation guidance altered

SMSF property valuations guidance

The guidance provided by the ATO with regard to valuations of residential property held in an SMSF includes a slight but significant amendment.

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Compliance, Documentation

Assets without a market raise questions

SMSF assets market

The ATO has indicated assets without a ready market may not be suitable investments for SMSFs, particularly if they cannot produce growth or income.

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financial advice

Call to end legislation duplication

financial advice duplication

The FPA has called on the Australian Law Reform Commission to prioritise any financial advice sector changes that may result from its current review.

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ESG

Vanguard self-reported ESG error

Vanguard greenwashing error

The infringement notices ASIC issued to Vanguard Investments Australia for greenwashing resulted from the manager self-reporting PDS errors.

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ETFs

Global X unveils uranium ETF

Global X uranium ETF

Global X ETFs Australia has launched a new fund focused on the mining and processing of uranium for use in nuclear power plants.

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Auditing, NALI/NALE

New light shed on NALI audit role

SMSF auditors NALI

The onus on SMSF auditors to detect non-arm’s-length income or expenditure in a fund may have diminished after a ruling in the NSW Supreme Court.

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Downsizer

Don’t waste downsizer ‘last resort’

downsizer last resort

Downsizer contributions are a last resort move to get large sums into superannuation so trustees should consider waiting rather than acting on pending changes.

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Superannuation

Deadline for compassionate super access given

compassionate superannuation access

Individuals have been reminded of the timeframe if they want early access to superannuation on compassionate grounds over Christmas.

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