News

AFCA

SMSF complaints to AFCA fall

Australian Financial Complaints Authority AFCA Financial advice complaints SMSF Self-managed superannuation

There has been an overall decline in advice-related complaints received by the Australian Financial Complaints Authority, including those involving SMSFs.

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Appointments

IFPA CEO to depart

Institute of Financial Professionals Australia IFPA Pippa McKee resignation

The Institute of Financial Professionals Australia has announced the resignation of its chief executive after five years of service.

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Administration, SMSF

AI a good SMSF administration fit

Artificial Intelligence AI SMSF administration self-managed superannuation Olivia Long

Artificial intelligence has the ability to automate many SMSF administration procedures and improve sector efficiency.

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ATO, Auditing

ATO deploys new audit program

ATO Paul Delahunty SMSF audits Self-managed superannuation

A new program is underway to give the ATO a better insight into the workings of firms considered to be conducting a high number of SMSF audits.

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financial advice, SMSF

CSLR flags SMSF advice

SMSF advice Self-managed superannuation CSLR Compensation Scheme of Last Resort AFCA Australian Financial Complaints Authority claims

The Compensation Scheme of Last Resort has found more than 40 per cent of claims it has received so far relate to SMSF advice, noting some poor practices are still occurring.

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ATO, SMSF, SuperStream

Push to use SuperStream needed

SuperStream Rollovers SMSF self-managed superannution ATO ASF Audits Shelley Banton ACIS

Auditors are finding SMSF trustees are still not using SuperStream for rollovers out of their fund and the failure to do so will be reported as a breach to the ATO.

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Investments, Platforms

Ausiex launches global trading platform

Ausiex International Markets Trading platform Brett Grant

Ausiex has introduced a new solution designed specifically for financial advisers looking to provide their clients with direct access to international investment opportunities.

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Administration, SMSF

Exit plan an essential element

SMSF Exit plan Wind-up Deed

Trustees who decide an SMSF is no longer a viable option as a retirement savings vehicle can benefit greatly from formulating an exit plan.

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Accounting, Compliance, Superannuation

Bookkeeping can add compliance risk

SMSF Self-managed superannuation fund Excess contribution Illegal early access Loan Classification Condition of release

The incorrect classification of money withdrawn early from superannuation can lead to additional compliance issues for SMSF trustees.

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Compliance, Regulation

Online banking driving Reg 4.09A breaches

online banking separation of assets breaches SIS regulation 4.09a SMSF Self-managed superannuation Shelley Banton ASF Audits ACIS

SMSF auditors are finding more trustees are breaching the separation of assets rules, with the rise of online banking a key driver behind the errors.

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