News

Documentation

Validity key in avoiding rent breaches

valid documents rent relief

As rent relief measures come to an end, SMSFs have been reminded that only formal legal documents can be accepted by an auditor and the ATO when assessing the income of the fund.

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ASIC, Investments

Investment manager suspended from operations

Investment manager suspended

ASIC has suspended a niche Queensland investment manager from any action after it repeatedly failed to lodge accounts and reports on time.

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ATO, Documentation, Superannuation

TBC change needs data access

TBC indexation ato data

The SMSF sector will need access to data held by the ATO related to transfer balance caps (TBC) ahead of its indexation to prevent further confusion and errors, an administrator has claimed.

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Documentation, Technology

Keep processes tight using new technology

SMSF approval procedures technology

High standards regarding SMSF approval procedures need to be maintained despite the increased use of technology.

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Financial Planning

Commission yet to deliver improved outcomes

hayne commission improved advice

The recommendations of the Hayne Royal Commission have not improved financial advice or lessened the complexities of its regulatory framework, the AFA says.

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Business News, Practice Management

Communications revamp to impact sector significantly

advisers trustees communication

Imminent changes to accepted communications techniques are likely to have a significant impact on SMSFs.

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Compliance, Regulation

Financial interest duty not penalty free

SMSF best financial interest duty

Trustees looking at not acting in the best financial interest of members may still be hit despite proposed duty changes carrying no penalty.

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Financial Planning, Regulation

New disciplinary body should bring reform

adviser disciplinary body

The AFA has called on the government to use the establishment of a single disciplinary body to reduce the complexity of the financial advice framework.

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Pensions

No pension reserve solution yet

pension reserve SMSF

SMSF practitioners are still searching for ways to extinguish pension reserves in an SMSF that are no longer needed.

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Superannuation

Contribution incentives can offset early release

early release super contribution

Superannuation fund members who used COVID-19 early release measures should be given greater contribution caps and government-funded incentives to replenish their balances.

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