News

Superannuation

Minister praises SMSF sector growth

SMSF sector growth Hume

The steady growth of the SMSF sector has been highlighted by a government minister who has noted its rising place within the superannuation system.

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ATO

ATO updates alert system

ATO SMSF alert system

The ATO has expanded the alerts it will provide to SMSF trustees when changes take place within their fund.

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Technology

Heffron releases TBC calculator

heffron TBC calculator

Heffron has launched a calculator to help accountants and advisers monitor a client’s personal transfer balance cap in the lead-up to the application of indexation to this threshold.

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Superannuation

Late change to six-member bill

six-member bill amendment

The federal opposition has made an amendment to stalled bill enabling six-member SMSFs, adding a review period one year after it is enacted.

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Documentation

Check ejection strategy before adding members

eject SMSF member

An SMSF planning to eject a member must ensure they are informed about the process from the outset and it is included in the fund’s admissions criteria.

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Insurance

ATO clarifies collectables insurance stance

SMSF collectables insurance

SMSFs must directly hold insurance for collectables, the ATO has stated after the SMSF Association sought clarity on the matter.

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Financial Planning

Advice exit fees could counteract ASIC levy

exit fees ASIC levy

Exit fees should be imposed on banks and institutions moving out of advice to provide relief for advisers facing a sharp hike in the ASIC levy.

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Superannuation

Better return data imminent

SMSF performance data

More accurate SMSF performance benchmarking will be facilitated with the release of improved investment return data later this year.

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ATO, Auditing

Outsourcing may not ensure audit independence

outsourcing auditor independence

Auditing firms enlisting the accounting services of other businesses to comply with the amended auditor independence standards should proceed with caution, the ATO says.

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Insurance

Six-member funds offer insurance benefits

six member funds insurance

Six-member funds will allow SMSFs to better pay for life insurance cover and retain any associated benefits for more members.

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