News

ATO, Superannuation

ATO offers interim six-member solution

ATO six-member funds

The ATO has been forced to introduce a temporary registration system for six-member funds and has advised SMSFs to expect potential delays when registering.

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Strategy, Superannuation

Trust deed must include certain items

SMSF trust deed

An SMSF trust deed must have a series of non-negotiable items in it, such as rules allowing the use of a contribution suspense account.

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Pensions, Superannuation

Drawdown relief for all pensions

minimum pension relief

The reduced minimum pension that will now apply for the 2022 financial year is not restricted to account-based pensions.

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ATO, Auditing

Figures show SAN misuse not rife

SAN misuse ATO

SMSF auditor number misuse remains an area of concern, but ATO figures indicate it is not a widespread problem.

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Contributions

Missed contributions not end of the road

bring forward Contributions

Missed opportunities to make bring-forward contributions may open up the possibility for larger contributions under other new rules in the coming financial year.

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ASIC, Cryptocurrency

ASIC seeking best practice in crypto offerings

ASIC crypto-assets investors

ASIC has raised concerns about how ETPs and other investment products provide access to crypto-assets for retail investors.

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Retirement, Superannuation

Intergen Report positive for SMSFs

SMSF intergenerational report

The findings of the 2021 Intergenerational Report are very positive sign of the future for the SMSF sector for the coming decades.

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ASIC, Auditing

Auditor disqualified for independence breach

SMSF auditor disqualified

ASIC has disqualified the SMSF auditor registration of a Sydney-based practitioner who was found to be lacking independence and failed to obtain evidence when required to do so.

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Compliance, Regulation

Best financial interests duty not a chore

SMSF best financial interests

SMSF trustees should have no difficulty complying with the incoming best financial interests duty as it coincides with their interests as beneficiaries.

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Accounting

Year-end investment strategy review wise

SMSF strategy review

The super fund investment strategy should be reviewed annually in conjunction with the end of the financial year.

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