News

ASIC

ASIC takes action against eight auditors

ASIC SMSF auditors

ASIC has taken compliance action against a further eight SMSF auditors by deregistering five and imposing conditions on three between March and June this year.

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ATO

ATO releases SMSF wind-up guide

ATO SMSF guide

The ATO has released a guide to assist SMSF trustees in winding up their funds and is encouraging them to plan ahead for this event.

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Appointments

Class appoints new chief executive

class chief executive

Hub24 has announced the appointment of a new chief executive for the Class SMSF administration business from the start of next month.

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ASIC, Education

One day left to register for last adviser exam

advisers exam register

Advisers yet to pass the mandatory exam have one day left to register for the last sitting that is currently available to them.

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Investments

SMSFs still lack diversification

SMSF diversification

SMSF trustees’ preference for investing in direct shares is continuing to present diversification issues in their fund portfolios.

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Investments, Strategy

Strategy fear result of compliance focus

SMSF investment strategy compliance

SMSF accountants are afraid to address investment strategies as the process has become too compliance driven rather than focusing on recording trustee plans.

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ATO, Compliance

Trustees urged to fix mistakes, seek help

SMSF contraventions

SMSF trustees have been encouraged to disclose contraventions to the ATO as failure to engage may impact the regulator’s enforcement actions.

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Technology

CFS launches super tracking app

Colonial First State app

A superannuation, pension and investment account mobile tracking app has been launched by Colonial State First for its FirstWrap clients.

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Tax

Alternate deduction a big tax win

tax SMSF deduction

A substantial tax advantage can be enjoyed by SMSF trustees should they decide to use the alternate deduction method for risk insurance premiums.

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Contributions

Order critical for contribution splitting

personal contribution splitting

SMSF members making a personal deductible contribution to split it with another member must order the process correctly or they will fail to do both.

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