News

SuperStream

Three-day rollovers may hinder family SMSFs

rollover family SMSF

The three-day rollover rule under SuperStream may cause troubles for SMSFs that have admitted their children to boost balances for asset purchases.

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Property

ASIC halts two property funds

ASIC property managed funds

Two property sector managed funds have had interim stop orders applied to them by ASIC for deficiencies found in their target market determinations.

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Compliance, Documentation

Director ID awareness a worry

director ID SMSF

Director ID awareness among individuals who are directors of companies acting as corporate SMSF trustees is a matter of concern for the SMSF Association.

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SuperStream

Clock ticking on SuperStream exemption

SuperStream exemption

The ATO exemption to allow an SMSF to make a rollover outside of SuperStream is likely to be withdrawn soon due to low levels of usage.

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Administration

Nil balance allowable, but risky

Nil balance SMSF

An SMSF can have members will nil-balances but avoiding those is a better compliance option.

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Accounting, Trusts

Unit trusts need expert accounting

unit trusts accounting

SMSF trustees investing in vehicles such as pre-1999 unit trusts need to ensure they receive specialist accounting services to avoid poor outcomes.

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Compliance, Regulation

TBAR change to compress reporting dates

TBAR annually reported

The shift to quarterly transfer balance account reporting will compress a number of annual reporting dates into a single day not related to a fund’s annual return lodgement.

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Superannuation

Super marked to play a regional role

superannuation regional role

The $3.4 trillion accumulated in superannuation accounts across the country is set to play a role in funding initiatives in the Asia-Pacific region.

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Financial Planning

FPA adopts principles-based conduct code

FPA principles conduct code

The FPA has reworked its code of conduct, dropping thousands of words and adopting a principles-based model rather than lengthy rules.

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Annuity

Challenger offers new annuity rate

Challenger annuity rate

Challenger has released a new guaranteed fixed term annuity rate reflecting a 3 per cent increase for retirees over the past 12 months.

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