News

Business News

Martin Heffron passes away

Martin Heffron

Heffron executive director and co-founder Martin Heffron has passed away.

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ATO, Superannuation

SMSF numbers climb again

SMSF numbers

The SMSF sector has continued to grow through the COVID-19 pandemic, recording new highs for the number of SMSFs and fund members.

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FASEA

Government scraps FASEA

Government scrap FASEA

Treasury and ASIC will take on the standard setting and exam administration of FASEA after the government announced it is winding down the latter.

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FASEA

Few tears shed over FASEA wind-up

FASEA wind-up

Plans to scrap FASEA and move its functions into existing government bodies have been met with widespread approval.

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Tax

NALE measure one to watch for 2021

NALE measure 2021

The finalisation of non-arm’s-length expenditure (NALE) within Law Companion Ruling (LCR) 2019/D3 is one of the key measures likely to shape the SMSF space over the coming year.

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Retirement

Better retirement income knowledge needed

retirement income knowledge

The Retirement Income Review finding that improving people’s understanding of three key elements of the current system will lead to better decumulation outcomes has been endorsed during an industry discussion forum.

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Documentation

Can’t hide some dispute advice

SMSF dispute advice

Trustees cannot withhold any legal advice they have sought during a dispute if it has been paid for by their super fund which in reality is the owner of the advice, an SMSF lawyer has noted.

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Financial Planning

New adviser body imminent

SMSF industry body

SMSF practitioners providing specialised advice covering three specific issues will soon have a new industry body to represent and support them.

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Accounting, Education

FASEA reforms a licensee tipping point

FASEA limited licensee

The limited licensing model has become untenable due to a number of factors, the most impactful of them being the introduction of FASEA’s latest education requirements.

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Superannuation

SMSF satisfaction grows as pandemic eases

SMSF satisfaction

A wide ranging consumer survey has found increasing levels of satisfaction with superannuation with SMSFs ahead of industry and retail funds.

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