News

Superannuation

Keep early release as relief tool

early release superannuation relief

The government should not dismiss the use of early release of super to prevent personal economic hardship for Australians in the future, according to a Liberal senator.

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Administration, Superannuation

COVID-19 residency relief exists

residency status SMSF return

COVID-19 relief exists for the rules governing the definition of an Australian super fund, eliminating the need to report a change in residential status on the 2020 SMSF annual return, a technical expert has said.

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ATO, Compliance

Voluntary disclosure best compliance action

voluntary disclosure trustees

Trustees should reveal their compliance issues via the ATO’s voluntary disclosure program as soon as possible, the regulator says.

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Compliance

Compliance to assess incapacity

ATO trustees incapacity

Compliance procedures are being used by the ATO to discover potential incapacity issues suffered by SMSF trustees.

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Pensions, Superannuation

Super needs campaign about retirement outcomes

super retirement campaign

A government senator has suggested the super sector should run a campaign to inform people they may not be self-sufficient in retirement and more can be done to reduce reliance on government pensions.

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Business News

Seamless SMSF strengthens team

Seamless SMSF

Seamless SMSF has appointed the former partner of a big four accounting firm to its sales team.

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Auditing, Compliance

Tax agent banned for SAN misuse

tax agent banned SAN misuse

A Queensland-based tax agent has been banned for four years following a Tax Practitioners Board investigation into SAN misuse.

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ATO, Regulation

ATO will seek further NALE input

ATO NALE

The ATO will give the SMSF sector a final opportunity to provide feedback on the NALE rules for practitioners and has also defended ASIC’s cost fact sheet.

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Auditing

Auditors lift process intensity

SMSF auditors

Auditors have upped their intensity since the ATO sent out letters last year questioning the investment strategies of SMSFs, a senior executive in the sector has said.

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Superannuation

SMSFs seen to serve members better

SMSFs members problems

Retail and industry funds have not served members as well as they could have, unlike SMSFs, which had very few problems, a government senator has claimed.

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