News

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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ATO, NALI/NALE

ATO looking deeper into NALE issues

ATO NALE

The ATO’s final ruling on NALE is being reinforced by investigative work into how the SMSF sector has been using non-arm’s-length arrangements.

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Superannuation

Six-member fund sign-offs need review

six-member fund

All processes requiring approval by a proportion of SMSF trustees should be reviewed if new members are added to a fund under the new six-member legislation.

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Retirement

Virus restrictions hit retiree living costs

retirees living costs

ASFA statistics have revealed the increased cost of living in the past year has put greater pressure on retirees.

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Financial Planning, Superannuation

Westpac cops $10.5m best interests penalty

Westpac penalty

A five-year legal battle has ended with Westpac being penalised $10.5 million for providing unlicensed financial advice in relation to superannuation.

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