News

ATO

Clock ticking for annual return lodgement

SMSF annual return lodgements

The ATO has reminded trustees to ensure all SMSF annual returns are lodged and up to date prior to the new financial year to avoid penalties.

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ATO, Contributions

Follow reserving advice closely

SMSF contribution reserving

SMSF members have been warned to stick to the rules when planning to use contribution reserving and follow the ATO’s guidance closely.

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Pensions

June pension commutations best

SMSF pension stream

Trustees considering commuting and restarting an income stream should cease the pension at the end of the financial year.

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Financial Planning

Joint effort needed to make advice accessible

financial advice accessible

A group of industry leaders has presented the case for a collaborative effort to reduce the barriers to advice for consumers.

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ASIC

Adviser levies remain static

ASIC adviser levy

ASIC has released its cost recovery levies, with those for the advice sector remaining static under a freeze introduced last year.

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ETFs

Perpetual releases global shares active ETF

Perpetual global shares ETF

Perpetual Asset Management Australia has launched a long-term growth focused active ETF drawing on specialist inhouse expertise.

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Accounting

Crypto not significant yet

SMSF cryptocurrencies

SMSF portfolio allocations to cryptocurrencies are still relatively low, but the ATO is expecting these to increase in the coming years.

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Contributions

Members must track contributions

SMSF members contributions

Changes to contribution rules have put a greater onus on SMSF members to track their contributions as responsibility for this task does not rest with advisers or accountants.

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Investments, Technology

Lifespan introduces digital investment facility

Lifespan OpenInvest digital investing

Consumers who cannot afford financial advice have been provided with a digital investing platform to assist with their wealth-accumulation needs.

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Retirement

Price hikes push up retiree cost of living

cost of living retirees

The cost of living for retirees has continued to increase off the back of higher prices, but has been in part offset by an age pension boost.

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