News

ATO, NALI/NALE

NALE shift targets small funds

ATO NALE small SMSFs

The ATO’s broad-brush view of NALE will hit more small fund members than those trustees seeking to exploit non-arm’s-length rules.

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ATO

ATO updates valuation guidelines

ATO valuation guideline

The ATO has released a new guideline for the valuation of assets, and reminds SMSFs to stay on top of their reporting obligations in a number of key areas.

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Compliance, Tax

COVID deception results in maximum ban

TPB ban covid

A tax agent has been deregistered from the Tax Practitioners Board and been given the maximum ban for multiple breaches of the Code of Professional Conduct.

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Compliance, Superannuation

Terms of engagement need review

SMSF terms of engagement

An amendment made last year to APES 305 will require accountants servicing SMSF clients to review their terms-of-engagement documents before the end of the 2021 financial year.

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Pensions

Legacy pension reserves tax lacks logic

Legacy pension reserves tax

Charging a tax on legacy pension reserves appears to be based on incorrect assumptions about their source and has come without any explanation from government.

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Pensions, Superannuation

Political motives for drawdown rate extension

minimum pension drawdown rates

The SMSF sector has welcomed the decision to extend the reduction on minimum pension drawdown rates, despite its election-focused nature.

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FASEA

FASEA exam suitable for all advisers

FASEA exam advisers

The mandatory adviser exam can be passed by all types of advisers and the current pass rate is evidence of that, according to FASEA.

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Administration, Superannuation

Admin fee discount needs defining

SMSF fee discount

The definition of discount provided on SMSF administrative fees, often given to partners or employees of accounting firms, requires clarification.

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Accounting, Financial Planning

Accountants backing away from SMSF advice

SMSF advice accountants

The number of accountants offering advice to SMSF clients via financial planning arrangements has dropped markedly in the past year.

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Financial Planning, Regulation

AFA questions disciplinary body remit

AFA disciplinary body

The AFA has recommended the new single disciplinary body not review administrative and minor matters to avoid cost blowouts in adviser regulation.

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