News

Administration, ATO, SMSF, Superannuation, Trusts

SIS Act main declaration retention guide

ATO, DBA Lawyers, Shaun Backhaus, self managed super, self managed superannuation, SMSF, SIS Act, SMSF trustee declaration, retention, guidance, Auditing and Assurance Standards Board, Guidance Statement 009, ATO QC 63436, declaration form, NAT 71089-06.2021

Official guidance on how long an SMSF trustee declaration should be retained differs from the letter of the law which should be the sole guide on this issue.

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financial advice, Financial Planning, Technology

Advisers leaning into AI use

Australian financial advisers are using AI at higher rates than their international peers and considered it an effective tool for communication and reducing costs.

Australian financial advisers are making more use of AI at than their peers overseas and consider it effective for communication and reducing costs.

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ATO, Superannuation

ATO counters false super rule changes

False claims currently being circulated regarding changes to the superannuation drawdown rules have been rebutted by the ATO.

False claims currently being circulated regarding changes to the superannuation drawdown rules have been rebutted by the ATO.

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ATO, Compliance, Regulation

Penalties highlight member loan flaw

Smarter SMSF, education, Tim Miller, ATO, The Auditors Institute,

Advisers viewing financial assistance to members as a lesser issue than illegal access should examine the related penalties and cease recommending it.

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Appointments, Superannuation

SMSF Association welcomes new minister

SMSF Association, SMSFA, Dr Mulino, Anne Aly, Andrew Leigh, Financial Advice Association Australia, CPA Australia and the Financial Services Council, Jim Chalmers, Chartered Accountants ANZ, CAANZ, Ainslie van Onselen, SMSF Association, SMSFA,

The SMSF Association has welcomed the new Financial Services Minister highlighting the significance of size and status of the sector in the industry.

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Appointments

New financial services minister appointed

A former Victorian politician who moved into federal parliament in 2019 has been named as the new financial services minister.

A former Victorian politician who moved into federal parliament in 2019 has been named as the new financial services minister.

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SMSF, Superannuation

CMC safe-harbour needs proactivity

Trustees must be cautious about who will run their fund while they are overseas for an extended period and should act on this before departing.

Trustees must be cautious about who will run their fund while they are overseas for an extended period and should act on this before departing.

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Contributions, Regulation, Superannuation

Industry calls for payday super delay

Payday Super, Treasury, submission

A consortium of financial services industry groups have asked Treasury to extend the start date of payday super by two years.

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