News

NALI/NALE

Current penalties sufficient for NALE

tax penalty NALE

The current tax penalty regime can address breaches of the NALE provisions without the outsized penalty model put forward by the government.

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Business News

Selfwealth teams up with Xpress Super

Selfwealth Xpress Super

Investment platform provider Selfwealth has partnered with Xpress Super giving clients access to cost-effective SMSF administration services.

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Education

Heffron releases entry level SMSF course

Heffron SMSF course

Heffron has released a new course aimed at accountants, auditors and advisers moving into the SMSF space building on its previous education offerings.

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financial advice

More support for QAR recommendations

QAR recommendations support

The Quality of Advice Review recommendations have been further applauded by more key stakeholders in the financial services industry.

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Insurance

ITAA incapacity rules more sound

insurance benefits incapacity

Best SMSF practice would suggest trustees not rely only on the SIS Regulations to justify releasing member benefits as a result of incapacity.

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Contributions

Indexed TBC may shift after late reporting

indexation TBC reporting

The final status of personal transfer balance caps after indexation may not be settled until all late or retrospective reporting by funds is completed.

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Technology

Further SuperMate developments planned

SuperMate developments

SuperConcepts has scheduled the release of some significant improvements to its SuperMate administration service later in the year.

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financial advice

Industry bodies back QoA Review advice shift

Industry associations QAR

Industry bodies have backed a Quality of Advice Review final report recommendation to reconsider who can provide financial advice.

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financial advice

QoA good advice duty follows Hayne call

QAR good advice duty

A Quality of Advice Review recommendation to widen the definition of advice is consistent with calls made by the Hayne royal commission.

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Insurance

SMSF risk cover not about deductions

SMSF insurance tax

The decision to hold risk insurance inside an SMSF must be determined by more than just the tax deductibility of the premium payments.

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