News

Pensions, Strategy

Indexation drives need for clear vision

indexation pension strategy

Changes due to indexation and COVID-19-related market movements require backward and forward views when setting out pension strategies.

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Appointments

SuperConcepts CEO confirmed

SuperConcepts Christiansen

SuperConcepts has elevated Grant Christiansen from his position as interim chief executive to fill the role in a permanent capacity.

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Auditing, Superannuation

Better audit efficiency achievable

accountants audit

The efficiency of the year-end audit can be improved if SMSF accountants place more importance on one aspect of their interaction with a fund’s auditor.

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Regulation, Superannuation

Six-member time frame will create delays

six-member SMSF delays

Trustees are advised to wait before registering new members as many institutions are not ready for the introduction of six-member SMSFs.

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ASIC, Financial Planning

Record response will direct ASIC advice action

ASIC financial advice

ASIC has committed to taking steps to make the provision of limited advice easier after receiving a high level of responses from practitioners on the issue.

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Education, FASEA

FASEA releases May exam results

FASEA exam results

The Financial Adviser Standards and Ethics Authority (FASEA) has released the results from the May exam with almost 70 per cent of candidates passing.

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Administration

Indexation unlikely to up admin costs

indexation administration costs

The implementation of indexation to super thresholds, such as the transfer balance cap, is unlikely to cause a rise in SMSF administration charges.

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ATO, Auditing

ATO releases new valuation guidelines

SMSF asset valuation

The ATO has updated its SMSF asset valuation guidelines, but has reminded trustees and auditors of the need to have accurate information.

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Contributions

Salary sacrifice arrangements need revisiting

salary sacrifice contribution

Salary sacrifice arrangements used in SMSFs may not be consistent with new concessional contribution caps and should be revisited.

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ATO, Contributions

Don’t abuse excess charge removal

excess concessional contributions

The removal of a charge on excess concessional contributions should be seen as a favour to super fund members and not an opportunity to exploit its absence.

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