News

Auditing

Non-fund asset ownership complex

SMSF auditors SMSF trustees Asset ownership corporate trustee SIS Regulations ASF Audits Shelley Banton

Trustees opting to hold an asset for their SMSF will find the only allowable way to do so is to adopt a corporate structure and anything else will breach superannuation regulations.

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Trusts

SMSF TIS obligations more severe

Trust income schedule SMSF Self-managed superannuation Accurium Mark Ellem

The new requirement to complete a trust income schedule for trust and managed fund distributions is more imposing for SMSF trustees.

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ATO, Superannuation

Line between adviser and promoter thins

Illegal early release Illegal early access superannuation SMSF Association Mary Simmons PS LA 2021/1

The most recent update of Practice Statement Law Administration 2021/1 has broadened the ATO’s powers regarding illegal early release schemes.

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Compliance, Tax, TPB

Jones plans tax agent code meeting

Code of Professional Conduct Tax Practitioners Board TPB Stephen Jones IFPA Institute of Financial Professionals Australia Tax Agent Services (Code of Professional Conduct) Determination

The government has invited a group of industry bodies to air their concerns over changes to the tax agent code of conduct, with mandatory reporting being a key issue of concern.

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Accounting

Betashares completes Bendigo Super purchase

Betashares Bendigo Superannuation Acquisition Alex Vynokur

Betashares has completed the purchase of the superannuation operations of Bendigo and Adelaide Bank and plans to expand its service offering to members

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Property

Property upgrade funding tricky

Related party Accurium Mark Ellem SMSF Self-managed super commercial property improvements

Having a related-party tenant of an SMSF commercial property pay for improvements to the asset can pose a real risk of breaching the SIS Act.

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financial advice

Second Dixon-style case looming

Financial Advisers Association Australia FAAA Sarah Abood Dixon Advisory Libertas Financial Planning Compensation Scheme of Last Resort CLSR

The FAAA has raised concerns that a second listed financial advice group may have walked away from its compensation commitments, highlighting problems with the CSLR funding model.

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Education, fraud

Educate clients about scams

SMSF Association Peter Burgess Scams superannuation

The SMSF Association has asked members to inform clients about the dangers of scams targeting their super and help them report schemes they come across.

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Investments

An opportune time to rethink asset allocation

Alan Greenstein Zagga asset allocation private credit

The proposed introduction of the new tax on total super balances over $3 million presents a good opportunity to review SMSF asset allocations.

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Pensions

TR 2013/5 update has TRIS impact

Transition to retirement income streams TRIS Minimum pension SMSF Self-managed superannuation Mark Ellem Accurium

The impact of the update to TR 2013/5 will not be confined to retirement-phase pensions and will extend to transition-to-retirement income streams as well.

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