News

Superannuation

Govt to pay super on paid parental leave

paid parental leave superannuation

Parents who take time off work to look after children will have superannuation payments added to government fund leave entitlements from mid-2025.

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financial advice

Advice seen as valuable but costly

Financial advice Cost Investment Trends Irene Guiamatsia

Consumers regard financial advice as useful, but many still baulk at the cost, seeing it as too high for their needs.

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Auditing, Compliance, Regulation, SMSF

Review loans to avoid audit issues

SMSF auditors Loans Litigation SIS regulations Audit file

SMSF auditors must be prepared to substantiate their audit file with sufficient evidence in situations where an SMSF has invested in a loan.

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ATO, Pensions, Tax

Court rejects pension exclusion from TBC

Federal Court defined benefit lifetime pensions excess transfer balance transfer balance cap Stern Commissioner of Taxation

The recipient of two defined benefit pensions has lost a court case to have them excluded from the calculation of his excess transfer balance, failing to prove they were not covered by tax laws.

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SMSF, Superannuation

SMSFs continue to lead in member satisfaction

Roy Morgan Superannuation Satisfaction Report SMSFs Performance

Research by Roy Morgan has found SMSFs continue to lead the superannuation sector for member satisfaction, with levels at a two-year high.

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Appointments

New shadow minister for financial services

Shadow assistant treasurer, Luke Howarth, Opposition, Appointment, Peter Dutton

The federal opposition has reshuffled its frontbench and assigned Luke Howarth to oversee the financial services sector.

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Legislation, SMSFA, Tax

Call renewed to fix Div 296 error

SMSF Association Death Division 296 tax Defined benefit interests SMSF

A request has been made to amend what appears to be a noticeable error in the bill tabled to parliament to enable the introduction of the Division 296 tax.

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Auditing, Legislation, SMSF

SMSF loans and debts not the same

SMSF Loan Debt Borrowing audit The Auditors Institute Chris Ketsakidis Ketsa Coleman

There is a difference between a loan and a debt within an SMSF and different rules apply to them, requiring good documentation at the time of audit.

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financial advice, Insurance, SMSF

New PI insurance offering launched

Professional Indemnity Insurance Adviser Ratings Numerisk Financial advisers

A ratings agency and an insurance and risk advisory firm have joined forces to introduce a new professional indemnity insurance product for financial advisers.

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ATO, Auditing, Compliance, SMSF

Confusion over access rules evident

SMSF Loans to members Auditor Contravention Reports ATO inancial assistance

The fact loans to members is the most common compliance breach appearing in auditor contravention reports shows trustees have a misunderstanding of the super rules.

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