News

Superannuation, Technology

SMSFs may not need ESA action

SMSFs ESA superstream

SMSFs using a digital service provider may already be compliant with the new SuperStream and electronic service requirements that will come into effect in October.

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Documentation

Paper documents better for pension disputes

paper documents SMSF

Original paper documents will have a greater impact on resolving a pension dispute compared to electronic versions whose validity is still open to debate.

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Auditing, Superannuation

Class launches auditor matching tool

SMSF accountants auditors

Class has launched a facility to link SMSF accountants with third-party auditors to allow them to meet independence guidelines.

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ASIC

Civil penalty agreement for Dixon Advisory

civil penalty Dixon

Dixon Advisory and ASIC have entered into a heads of agreement to resolve the civil proceedings the regulator instigated against the financial services firm last year.

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ATO, Superannuation

SuperStream start date fixed

SuperStream rollover

SMSF trustees and planners are being advised to prepare for the SuperStream rollover changes with the ATO stating the 1 October start date will not be moved.

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ECPI, Regulation

No ECPI default calculation method

draft legislation ECPI

A default option does not exist in the draft legislation allowing an ECPI calculation method choice when an SMSF has periods during a financial year when it is wholly in pension phase, as well as others when it is not.

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Compliance, FASEA

Standard 3 changes unlikely until 2022

FASEA Standard 3

Changes to Standard 3 of the FASEA Code of Ethics are unlikely to occur this year while adviser exams are still being conducted and the authority’s functions are shifting to government.

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Education, FASEA

November exam open to all advisers

FASEA November exam

FASEA has dropped the requirement for advisers to wait three months before sitting the November exam, giving all practitioners two more opportunities to pass.

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Superannuation

Six-member fund decision political

six member SMSFs political

The recent passing of superannuation legislation allowing six-member SMSFs was driven by political motives.

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Strategy

Balance equality boost from new rules

work test SMSF

It will be easier for spouses who are members of the same SMSF to even up their superannuation balance in the 2023 financial year due to the change in the work test rule.

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