News

ASIC

Strong case for new SMSF guidance

ASIC SMSF guidance

The SMSF Association believes two key pieces of research it has commissioned create a strong case for ASIC to review its consumer guidance for SMSFs.

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Compliance, Regulation

Director ID process still confusing many

director ID process

The specific process to apply for a director ID number remains confusing for SMSF trustees who are seeking help from service providers.

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ATO

Listed shares popular, but cash most common

listed shares SMSFs

Listed shares have been a popular investment allocation for SMSFs, but cash and term deposits appear in almost every fund.

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Superannuation

Delegation of duty meets control test

duties SMSF control test

SMSF trustees can delegate duties, instead of using an EPOA, to ensure the central management and control of their fund stays in Australia when they are overseas.

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ATO, Compliance

Grant discretion for early-release rectification

early release discretion

SMSFs should be given discretion by the ATO in the case of accidental early release if that mistake has been rectified immediately.

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Appointments

SMSF Association appoints new chair

SMSF Association new chair

A new chair has been appointed by the SMSF Association to replace Andrew Hamilton, whose two-year term in the position has come to an end.

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Contributions

Nuances of the NCC bring-forward rule

NCC bring-forward rule

A proper understanding of the bring-forward rule for non-concessional contributions is required to prevent taking steps that seem logical but may be illegal.

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Investments

Underperformance factor identified

SMSF underperformance

Analysis of SMSF data has identified the defining factor as to why certain funds underperform other types of retirement savings vehicles.

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Compliance, Superannuation

Returning trustees can fail control test

SMSF control test

An SMSF will fail the central management and control test even if trustees who left for an indefinite period return within two years.

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ATO

SMSF wind-ups decrease

SMSF wind-ups

SMSF wind-ups fell below the previous five-year average in 2019/20, while new establishments continued to increase, according to ATO data.

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