News

Regulation, Superannuation

Number of TSB thresholds should be cut

total superannuation balance thresholds

The number of total superannuation balance thresholds in use is confusing for trustees and advisers and should be reduced to two simple benchmarks, according to the SMSF Association.

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ATO, Superannuation

ATO clarifies SG clearing house cut-off

Superannuation clearing house

A recent ATO guideline will benefit employers using the regulator’s Small Business Superannuation Clearing House to pay super contributions.

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Administration, ATO

SMSFA wants better data access

SMSF ATO data

The SMSF Association is pushing for ATO data to be made available to a greater number of practitioners.

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Compliance, Superannuation

TBC indexation determined in late January

Transfer balance cap indexation

Superannuants will know in late January whether indexation will be applied to the transfer balance cap from 1 July 2020.

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Documentation, Superannuation

Ordinary company not for corporate trustees

ordinary companies corporate trustees

Corporate trustees should only be using special purpose company structures and failing to do so may be considered a breach of superannuation regulations.

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ASIC

ASIC bans adviser for five years

SMSF adviser banned

A Perth-based adviser has been banned for five years after not giving consideration to the best interests of clients when setting up SMSFs.

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FASEA

FASEA launches remote access for exams

FASEA advisers exam

FASEA will provide remote access for advisers sitting the authority’s exam from February onwards, and the body is due to release December exam results later this month.

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ATO, Superannuation

SMSFs recover after wind-up spike

SMSF sector growth September

Growth in the SMSF sector remained strong in the September quarter, despite a dip in the net number of funds established in the previous quarter.

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Regulation, Superannuation

AML rules may exacerbate SFLU problems

AML SFLU SMSFs

SMSFs removed from the Super Fund Lookup (SFLU) may be caught under anti-money laundering (AML) laws impacting the flow of money in and out of the fund.

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Administration, Superannuation

With contributions, timing is everything

Contributions timing

The timing treatment of contributions when using a clearing house facility differs depending on which service is involved, writes Meg Heffron.

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