News

ATO

ATO provides PAYG instalment relief

ATO PAYG instalments

The ATO will not apply penalties or interest on varied PAYG instalments for COVID affected SMSFs provided they can prove they took reasonable care to estimate their end-of-year tax.

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Financial Planning

FPA welcomes FSC advice recommendations

FPA FSC advice

The FPA has welcomed recommendations from the FSC to reduce the cost and complexity of advice, noting they are consistent with its own reform plans.

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ETFs

ETF Securities provides access to fintech sector

ETF fintech blockchain

Investors will now have the opportunity to include companies in the fintech and blockchain sectors in their portfolios via a new ETF offering.

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Documentation

Email issues complicate e-approvals

trustees digital signatures

SMSF trustees may be limited in their use of any measures allowing the use of digital signatures to approve fund documents due to their email set-ups.

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ATO

SMSF rollovers delayed by manual requests

SMSF rollovers delayed

Rollovers into SMSFs using the ATO’s SMSF verification service are being delayed due to a large number of manual verification requests.

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Investments, LRBA

Property investments clouded in statistics

property investments SMSF

The total percentage of property assets in SMSFs is split across different categories, but combining them under a single asset class shows property is the second largest investment area.

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Financial Planning

Redefine advice by its focus

advice personal circumstances

Government should define financial advice by its focus on an individual’s personal circumstances and not the nature of information provided.

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Cryptocurrency

BetaShares launches crypto ETF

betashares cryptocurrency etf

An ETF offering investments in companies servicing the cryptocurrency market will soon be launched on the ASX.

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NALI/NALE

NALE cash settlement safer

NALE cash

Paying for SMSF services with cash so as to comply with the non-arm’s-length expenditure rules is unnecessary, but probably more prudent.

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Superannuation

Death not definitive in lump sum strategy

lump sum payment

A lump sum paid from super will not necessarily be treated as a death benefit even if the relevant member passes away before the payment is made.

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