News

Documentation, Downsizer

Late applications still open for director IDs

director ID extension

SMSF trustees who have not yet applied for a director ID have been encouraged to do so by requesting an extension of time from the ATO.

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Business News, financial advice

FPA, AFA release draft merger constitution

FPA AFA merger constitution

The FPA and AFA have entered a second round of consultation regarding a merger sending members a draft constitution for a single association.

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ETFs

Global X launches carbon ETF

Global X carbon ETF

Global X ETFs Australia has expanded its ETF product suite with the release of a carbon allowance fund focused on emission trading schemes.

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Documentation

Use of digital signatures not simple

digital signatures SMSF

The use of electronic signatures to approve or execute SMSF documents is not straightforward, even though it is allowed under the Corporations Act.

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ATO, Documentation

ATO changes ABN registration process

ATO ABN registration

The ATO has changed the ABN registration process for SMSFs, requiring certain information to be provided through different channels.

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Trusts

Automated trusts address service, staff issues

Automated trust management

The use of automated trust management services can boost service levels and address staff shortages for accounting and advisory businesses.

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LRBA

LRBAs receive official approval

LRBAs risk

A new report shows LRBAs pose little risk to SMSFs, but sound regulation and specialist advice are crucial to their successful use. 

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SuperStream

SuperStream issues still significant

SuperStream information

SMSF trustees are still experiencing difficulties with processing member balance rollovers via the SuperStream system on multiple levels.

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ASIC

Balance change a breakthrough for SMSFs

SMSF starting balance

The removal of references to a specific starting balance for an SMSF in ASIC guidance is a key shift for the sector, the SMSF Association has claimed.

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ATO, Compliance

Trustee disqualifications hit peak

SMSF trustees disqualified

More than 250 SMSF trustees have been disqualified in a single quarter, with that number exceeding the total for the financial year.

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