News

ATO, SMSF

New funds dominated by middle-agers

The number of middle-aged people setting up an SMSF has continued to rise, with more than 50 per cent of new funds established by people between 35 and 50 years of age.

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Aged Care, Retirement

Retirees express aged-care cost anxiety

According to a leading financial services organisation, seniors are preferring to sit on their nest eggs rather than revert to frivolous spending at a time when they should be living life to the full.

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Business News

Inaugural financial industry awards presented

The inaugural Australian Financial Industry Awards were presented by the Institute of Financial Professionals Australia last Friday evening.

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Auditing

Key audit materials should be used

SMSF auditors should use key materials such as guidance statements as the basis for their processes to make them as robust as possible.

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Tax

Wider impact of conduct code a worry

IFPA has warned the proposed changes to the Tax Agent Services Act Code of Professional Conduct may negatively impact small tax practices.

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Insurance

Premium deduction choices clarified

The ATO has noted SMSFs claiming deductions for insurance premiums can only do so under two parts of the tax laws and where one is disallowed, the other may apply.

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Pensions

No barrier to changing pension providers

Super fund members are not restricted from changing pension providers, but should ensure the rollover retains any benefits and is a like-for-like transition.

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ATO, Auditing, Compliance

Static asset values can be legitimate

There can be legitimate reasons as to why an SMSF asset has not changed in value over several years, but auditors must document their presence.

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Pensions

Two pensions not always a burden

Super fund members looking to combine pensions may prefer to alter them to gain tax advantages that may not exist under a single income stream.

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Pensions, Superannuation

Govt unveils retirement-phase changes

The government will make changes to the products available in the retirement phase of super as part of a wider agenda focused on the drawdown period.

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