News

ATO

TBAR amnesty can’t be relied on

TBAR penalties

The ATO’s position to date not to impose penalties for the late lodgement of transfer balance account reports cannot be expected to last.

read more
Pensions

Plan for legacy pension switch now

legacy pension conversion

SMSF advisers should be speaking with clients about legacy pension conversions so they can take action and avoid a large tax bill for their estate.

read more
Financial Planning, Superannuation

COVID relief needs specialist advice

SMSF specialist advice

Specialist advice is needed for SMSFs to navigate the impact and extension of the COVID-19 relief measures, according to the SMSF Association.

read more
AFCA

AFCA unveils complaint management platform

AFCA complaints financial

AFCA has launched an interactive platform to help member firms manage real-time complaints and reduce disputes in the future.

read more
ASIC

Mawhinney hits back at contempt claims

ASIC Mayfair contempt

Formal complaints have been filed against ASIC in response to the regulator’s contempt of court allegations regarding Mayfair 101.

read more
Documentation

TBAR uniformity preferred

TBAR single framework

SMSF practitioners have indicated they have a preference for a single framework for transfer balance account reports to be introduced.

read more
Auditing

Trustees can take valuation lead

property valuation trustees

Trustees and accountants can play an active role in compiling sufficient property valuation information for an SMSF audit.

read more
ATO, Documentation

ATO calls for asset accuracy

SMSF asset valuations

The ATO has reminded SMSF trustees that asset valuations should be accurate and up to date in their fund’s annual report, pointing to earlier guidance on how it views market value.

read more
Contributions, Property

Time to alert clients about downsizer changes

downsizer contribution

Clients approaching their 60th birthday should be alerted to pending changes to downsizer contributions and the need to reconsider the timing of any property transactions.

read more
Auditing, NALI/NALE

Discounts create NALE audit concern

SMSF fees NALE audit

SMSF auditors still need more information regarding discounted fees and are cautious about their treatment under the NALE provisions.

read more

Copyright © SMS Magazine 2025

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.