News

ATO

ATO automation requires patience

ATO SMSF Association

The ATO is working towards increasing its use of technology, but the industry needs to be realistic as to how long it will take for this to happen.

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Superannuation, Tax

No new super taxes from coalition

superannuation taxes

The Morrison government has vowed there will not be an increase to superannuation taxes should it be returned at next month’s federal election.

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Insurance

Insurance payment confusion can derail benefits

SMSF life insurance

The SMSF sector has not properly understood how life insurance premiums can be paid from a fund, which may lead to problems when benefits are paid.

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Auditing

SAN misuse action having effect

SAN misuse action

Positive results are materialising from the ATO mail-outs to auditors and trustees as a means of addressing instances of SMSF auditor number misuse.

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ATO

IHA breach possible after lease ends

in-house asset breach

An in-house asset breach can still occur if an SMSF ends the lease of an asset to a related party, particularly under suspicious circumstances.

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ASIC

ASIC suspends Dixon Advisory licence

ASIC Dixon Advisory

ASIC has suspended the operating licence of Dixon Advisory from early May as it continues to progress its civil proceedings against the group.

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Investments

NFT risks raise questions on SMSF use

NFTs investment

The risks inherent in NFTs will be a chief consideration as to whether they should be included in an SMSF investment portfolio.

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Appointments

Heffron appoints head of product

Heffron head product

Heffron has appointed a former BT and Class senior manager to the newly created role of head of product following the growth in demand for digital products.

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ATO, Auditing

ATO ups auditor independence focus

ATO auditor standards compliance

The ATO will be placing greater emphasis on compliance with the auditor independence standards this year as it is considered a high-risk issue.

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Pensions

Commutation changes not yet locked in

pension excess transfer balance

Regulations allowing the commutation of a market-linked pension without creating an excess transfer balance are operational but open for debate.

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