News

Retirement, Superannuation

Retiree group applauds super legislation

retirees super legislation

The Your Future, Your Super legislation has been endorsed by the Association of Independent Retirees for the performance and efficiency gains it will produce.

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Documentation

Super law can still link ex-spouses

former spouse SMSF

Former spouses seeking to make financial transactions via an SMSF may still be linked under super law and thus prohibited from doing so.

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ATO, Auditing

Audit compliance to be enforced

auditor report compliance

The ATO will be enforcing compliance in the new financial year as changes to the SMSF independent auditor report (IAR) will take effect.

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ATO

ATO issues TBAR, bank account reminders

ATO TBAR bank account

The ATO has issued eleventh-hour reminders to SMSF trustees to complete urgent housekeeping activities to ensure the smooth running of their funds.

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Financial Planning, Regulation

FPA supports Better Advice bill in the main

FPA Better Advice bill

The FPA has said the Better Advice bill needs improvement, but has welcomed the effort to create a single disciplinary body for financial planners.

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Contributions, Superannuation

NCC bring-forward date confirmed

NCC bring-forward

The official date from when people aged 65 and 66 can use the non-concessional contributions bring-forward rule has been confirmed by Treasury.

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Auditing

Limits to sources of audit fees defined

Independence audit fees

The level of SMSF audit fees from a single source that will be considered a threat to independence has been spelt out by the APESB.

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Education, FASEA

Serial flunkers given one last chance

FASEA exam pass

Advisers who have failed to pass the FASEA exam on two occasions will be given one last opportunity to do so next year under a new exemption.

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Retirement

Pressured pre-retirees given new guidance

retirement financial guide

A former financial adviser has launched a guide for pre-retirees facing financial pressure supporting three generations of family.

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Contributions

Excess charge move not industry call

Excess concessional charges

A change to legislation that will remove charges for excess concessional contributions may result in misuse and was not called for by the SMSF sector.

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