News

ATO, Superannuation

ATO on SAR lodgement warpath

SMSF annual return lodgement

The ATO has issued a stern warning to the entire SMSF sector over funds that either have not lodged or are late in lodging the requisite annual return.

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Pensions

Legacy pension change not on govt agenda

Legacy pensions

The complex nature of legacy pensions and a full government agenda meant any reforms were unlikely to take place in the near future, according to a government minister.

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ATO, Property

Regulator bulletin may be misleading

ATO property development

An ATO instrument regarding lease arrangements pertaining to property developments held by SMSFs is potentially misleading, a specialist lawyer has said.

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Pensions

ATO seeks insight into pension relief measure

pension drawdown relief

The ATO is conducting research into the uptake of the COVID-19 minimum pension drawdown relief measure among SMSFs.

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ATO, Superannuation

Data-matching time lag warning

ATO data-matching

The director of a financial services firm has flagged the significance of the time it takes the ATO to issue excess contribution notices and the consequences this situation can have.

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Investments

Advised SMSFs unfazed by market volatility

SMSF asset BT

SMSFs’ asset mix on BT Panorama has remained fairly consistent despite heightened market uncertainty caused by the COVID-19 pandemic.

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Investments

Collectables squeezed out by insurance

SMSFs collectable assets

The holding of collectable and personal-use assets inside an SMSF has dropped away significantly due to strict restrictions about insuring the items.

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ATO, Pensions

ATO extends commutation assistance service

ATO commutation assistance

The ATO has extended the time for trustees issued with a commutation authority to make direct contact and seek assistance with any problems.

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FASEA

FASEA moves Melbourne October exam online

FASEA October exam

FASEA has cancelled the October sitting of the financial services exam across exam venues in Melbourne as a result of ongoing COVID-19 restrictions.

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Auditing, Documentation

Data feeds not an auditor independence exception

data feeds auditor standards

Data feeds cannot be used as proof SMSF financial statements have been prepared by an accounting firm in a “routine and mechanical” way in the context of the new auditor independence standards.

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