News

Auditing

SMSF audit announcement welcomed

SMSF audit cycle

The elimination of any policy consideration to change the yearly SMSF audit cycle confirmed in the October federal budget has been welcomed.

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Compliance, Superannuation

Residency rule isolation could be concerning

Superannuation residency rules

Singling out delaying the amendment to the superannuation residency rules in the new Labor government’s first budget could be a bad sign.

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NALI/NALE, Pensions

Budget silent on NALI, legacy pensions

budget NALI legacy pensions

The status of changes to non-arm’s-length income and expenditure and an amnesty to exit legacy pensions remains unknown after the government failed to address these issues in the budget.

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Downsizer

Cost of downsizer age reduction revealed

downsizer age reduction

A further reduction in the eligibility age for downsizer contributions will cost the government very little each year, according to the budget papers.

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Retirement

Health card, deeming rate changes introduced

deeming rates

The income threshold for the Commonwealth Seniors Health Card will increase, while deeming rates will be frozen as part of measures contained in the budget.

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Technology

Software creating compliance angst

SMSF software compliance

An unquestioning reliance on superannuation software can lead to compliance issues with regard to SMSF investment strategies.

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SuperStream

SuperStream shifts rollover responsibility

SuperStream compliance

SuperStream has shifted most of the compliance work for a rollover to the transferring fund, creating the issues it is currently experiencing.

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NALI/NALE

Budget must not be silent on NALI

budget NALI

The federal budget must address superannuation reforms, including NALI, and simplify the system to reduce complexity and cost.

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Superannuation

Super changes must be ruled out

Superannuation changes

The federal opposition has called on the Labor government to resist making any changes to the superannuation system it is being encouraged to undertake.

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Documentation

Two-share corporate trustee set-up flawed

Two shares corporate trustee

Trustees and advisers should consider issuing more than two shares in an SMSF corporate trustee to allow the fund to operate more efficiently.

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