News

ATO, Superannuation

ATO tweaks Super Fund Lookup process

Super Fund Lookup ATO

A new procedure is now being applied to newly established SMSFs and how the ATO reflects their status on the Super Fund Lookup website.

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Appointments

SMSFAAA appoints new board member

SMSF auditors association board

The SMSF Auditors Association has appointed an auditor technologist to its board of directors in an effort to improve the level of expertise on offer to its members.

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Investments

Fidelity unveils first managed portfolio

Fidelity managed account

Fidelity has released its first separately managed account, which has a focus on a portfolio of actively managed Australian equities.

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Investments, Superannuation

Better returns not a control priority

investment returns

The control SMSF trustees seek in running their own superannuation fund is not entirely about generating better returns than the public offer funds of which they were or are members.

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Financial Planning

SMSFA welcomes ASIC levy reduction

ASIC levy

The SMSF Association has welcomed the ASIC levy relief, saying it will give advisers much-needed certainty and breathing space.

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Documentation, Superannuation

Ownership of small gold holdings hard to prove

ownership gold

SMSFs may struggle to prove their ownership small quantities of precious metals and regardless of size need to store them according to super laws.

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Education, FASEA

FASEA pass rate drops away

FASEA exam pass rate

The pass rate in the most recent FASEA exam fell away sharply, with only three in five candidates passing the mandatory test.

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NALI/NALE

NALE requires deep analysis

NALE rules

Detailed analysis of a situation where an SMSF trustee provides a service to their fund without charge is required to discover if the NALE rules have been triggered.

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Documentation, NALI/NALE

Related-party leasing documents too vague

related-party lease

SMSFs with related-party leases must provide more details around the arrangements to demonstrate they are at arm’s length under the recently finalised NALE rules.

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Financial Planning

Industry bodies welcome adviser levy reduction

adviser levy reduction

Major industry bodies have welcomed the government’s announcement of a temporary reduction in the ASIC adviser levy after concerns regarding unsustainable cost increases.

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