News

Compliance, Documentation

Director ID awareness a worry

director ID SMSF

Director ID awareness among individuals who are directors of companies acting as corporate SMSF trustees is a matter of concern for the SMSF Association.

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SuperStream

Clock ticking on SuperStream exemption

SuperStream exemption

The ATO exemption to allow an SMSF to make a rollover outside of SuperStream is likely to be withdrawn soon due to low levels of usage.

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Administration

Nil balance allowable, but risky

Nil balance SMSF

An SMSF can have members will nil-balances but avoiding those is a better compliance option.

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Accounting, Trusts

Unit trusts need expert accounting

unit trusts accounting

SMSF trustees investing in vehicles such as pre-1999 unit trusts need to ensure they receive specialist accounting services to avoid poor outcomes.

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Compliance, Regulation

TBAR change to compress reporting dates

TBAR annually reported

The shift to quarterly transfer balance account reporting will compress a number of annual reporting dates into a single day not related to a fund’s annual return lodgement.

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Superannuation

Super marked to play a regional role

superannuation regional role

The $3.4 trillion accumulated in superannuation accounts across the country is set to play a role in funding initiatives in the Asia-Pacific region.

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Financial Planning

FPA adopts principles-based conduct code

FPA principles conduct code

The FPA has reworked its code of conduct, dropping thousands of words and adopting a principles-based model rather than lengthy rules.

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Annuity

Challenger offers new annuity rate

Challenger annuity rate

Challenger has released a new guaranteed fixed term annuity rate reflecting a 3 per cent increase for retirees over the past 12 months.

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Accounting

Listed access to Nasdaq-100 imminent

betashares Nasdaq

A listed managed fund is set to be launched this month giving investors access to the Nasdaq-100 index but with a reduced level of volatility.

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NALI/NALE

Unit trust intricacy a NALI issue

Unit trust NALI

SMSF investments in fixed unit trusts may not be able to avoid the non-arm’s-length income provisions due to the underlying assets involved.

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