News

ATO, Compliance, Contributions, Strategy

Excess NCC release authority is default action

excess non-concessional contribution release authority

No formal declaration to adhere with an ATO release authority relating to a breach of the non-concessional contributions cap is required.

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Auditing, NALI/NALE, Property, SMSF

ACR key to property project probes

ACR NALI SMSF property development

It is expected the ATO will use a multipronged approach to examine SMSF investments in property development schemes for non-arm’s-length income breaches.

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ASIC, Compliance, SMSF

Guidance change lifts anti-SMSF roadblock

A change to ASIC guidance regarding minimum balances for new SMSFs has removed a roadblock in the mind of advisers, who are only now returning to SMSF advice.

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Compliance, Regulation, SMSFA

SMSF residency rules neglected

SMSF residency rules

The government has missed an opportunity to clarify future changes to SMSF residency rules as part of a current consultation process.

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Retirement, Superannuation

Retirees struggling with complex system

Retirement cost of living financial literacy

Many Australian retirees face difficulties in understanding the retirement system and lack confidence in managing their finances for retirement.

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ATO, NALI/NALE, Superannuation, Tax

Recent rulings give NALE glimpse

ATO NALE private binding rulings

Two private binding rulings issued by the ATO in the past six months have hinted at how the NALE rules for general expenses will be applied.

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Administration, Auditing, Investments, SMSF

SMSFs remain cost-effective

Class report SMSF costs

The cost-effectiveness of SMSFs has continued to be drawn out, with new research showing fund expenses total less than 1 per cent of assets despite increases in underlying investment fees.

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Compliance, Contributions, Strategy, Superannuation

Excess contribution refund needs approval

Excess concessional contributions refund

SMSF trustees who exceed their concessional contribution cap limit should wait for the ATO to issue a release authority before seeking a release of the excess funds.

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ASIC, Compliance, Education

Pass rate climbs as candidates settle

ASIC adviser exam

The percentage of advisers passing the most recent ASIC exam has increased compared to recent sittings as the number of advisers taking the exam settles to a new lower figure.

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ASIC, SMSF

INFO 274 impact evident

ASIC INFO 274 SMSF minimum balance

A change in the ASIC guidance for giving SMSF advice released in December last year is already having an effect on fund establishments.

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