News

FASEA releases May exam results

July 6, 2021

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

July 5, 2021

Darin Tyson-Chan

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

July 5, 2021

Tia Thomas

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

July 5, 2021

Jason Spits

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

July 1, 2021

Jason Spits

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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ATO, Superannuation

ATO offers interim six-member solution

July 1, 2021

Tia Thomas

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

July 1, 2021

Darin Tyson-Chan

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

June 30, 2021

Darin Tyson-Chan

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

June 30, 2021

Jason Spits

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

June 30, 2021

Jason Spits

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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