News

Financial Planning

Industry bodies welcome adviser levy reduction

adviser levy reduction

Major industry bodies have welcomed the government’s announcement of a temporary reduction in the ASIC adviser levy after concerns regarding unsustainable cost increases.

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ASIC

SMSF adviser breaches existing ban order

SMSF adviser banning order

A former SMSF adviser based in Queensland has faced court for allegedly breaching a seven-year ban related to a best interest duty failure.

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Regulation, Superannuation

Rule combination a larger fund win

larger SMSFs

One of this year’s budget measures and recently passed legislation could lead to more trustees looking to add adult children to their SMSFs.

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Investments

Private company investments face SMSF limits

private company SMSF

The benefits of investing in a private company may be offset by the limitations placed on those investments in regards to SMSFs.

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Contributions, Investments

Shares can be turned into contributions

shares SMSF contribution

SMSF members can turn shares into a contribution to their fund as part of an in-specie transfer, but need to be aware of tax and contribution cap issues.

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Financial Planning

Advisers bullish on SMSF revenue

SMSF revenue

SMSF advisers believe revenue will grow from advising the sector, despite historical data showing there has been little change over the past seven years.

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NALI/NALE

Acceptable NALE fee defined

NALE fee

Trustees have been provided with guidance as to what might constitute an appropriate service fee that will satisfy the non-arm’s-length expenditure rules.

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Property, Superannuation

SMSF gearing on rise during COVID

SMSF gearing

The COVID-19 pandemic has seen more SMSFs use borrowings to acquire assets.

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ATO, Auditing

ATO expands review to reduce SAN misuse

ATO SAN misuse

The ATO has announced its strategy to improve its detection of SAN misuse with mailout set to commence in early September and warns auditors of obligations.

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Auditing

Auditor angst over fee threshold

auditor independence fee

Four specialist SMSF audit firms have lodged a joint submission to the Accounting Professional & Ethical Standards Board challenging its proposed auditor independence fee threshold.

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