News

ATO, Superannuation

Disputed member exits an issue

member exits SMSF

Protracted member exits are beginning to be treated more severely by the ATO as it becomes a growing issue across the SMSF sector.

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Pensions, Superannuation

Work test, legacy pension details clarified

work test bring forward

The government has clarified how the proposed work test and non-concessional contribution bring-forward rules outlined in the budget will operate.

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Pensions, Superannuation

Govt releases ECPI changes draft legislation

ECPI legislation

Two years after announcing changes to ECPI, the government has released draft legislation for industry consultation on the move.

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ATO, Superannuation

ATO issues warning to auditors, laggard funds

auditors trustees report

The ATO has issued warnings to SMSF trustees who have failed to comply with SAR deadlines and has discovered auditors are making a common ACR mistake.

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ASIC, FASEA

ASIC supporting scaled advice

ASIC scaled advice

ASIC is working on solutions to allow practitioners to comply with their legal obligations while providing scaled advice.

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FASEA, Regulation

Opposition slams FASEA as failure

FASEA failure

Labor’s Stephen Jones has said the government’s claim it has regained authority over the functions of FASEA is evidence of its failure and the policies that created it.

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Contributions, Superannuation

Downsizer timing now more important

Downsizer contibution timing

The timing of downsizer provisions contained in this year’s budget will take on more significance from 1 July 2022.

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FASEA, Regulation

Govt reclaims authority with FASEA move

Government FASEA transfer

The transfer of the FASEA regime back under government control represents the restoration of parliamentary authority, a senior minister has said.

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Financial Planning, Regulation

Advice regulations decades out of date

financial advice regulations

The regulations for financial advice are based on products and issues from 20 years ago which has driven up the current cost and complexity of advice for consumers.

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ASIC

ASIC seeking conflicted remuneration penalty

conflicted remuneration penalty

ASIC has begun a civil penalty action against an SMSF group over conflicted remuneration payments tied to the recommendation and acquisition of property.

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