News

Superannuation

Reduce large balances to cut concessions

super balances tax concessions

ASFA has recommended the reduction of large super balances to cut back investment earnings tax concessions they receive arguing they are inequitable as part of its budget submission for 2021/22.

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Appointments, Estate Planning, Succession Planning

Wealth transfer body names new directors

wealth transfer new directors

Three new directors have joined a fledgling association looking to represent the interests of advisers working in the wealth transfer space.

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Superannuation

Call for top-up measures

superannuation top-up measures

A major accounting body has called for the implementation of specific measures to replenish superannuation accessed early due to COVID-19.

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Documentation

Validity key in avoiding rent breaches

valid documents rent relief

As rent relief measures come to an end, SMSFs have been reminded that only formal legal documents can be accepted by an auditor and the ATO when assessing the income of the fund.

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ASIC, Investments

Investment manager suspended from operations

Investment manager suspended

ASIC has suspended a niche Queensland investment manager from any action after it repeatedly failed to lodge accounts and reports on time.

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ATO, Documentation, Superannuation

TBC change needs data access

TBC indexation ato data

The SMSF sector will need access to data held by the ATO related to transfer balance caps (TBC) ahead of its indexation to prevent further confusion and errors, an administrator has claimed.

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Documentation, Technology

Keep processes tight using new technology

SMSF approval procedures technology

High standards regarding SMSF approval procedures need to be maintained despite the increased use of technology.

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Financial Planning

Commission yet to deliver improved outcomes

hayne commission improved advice

The recommendations of the Hayne Royal Commission have not improved financial advice or lessened the complexities of its regulatory framework, the AFA says.

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Business News, Practice Management

Communications revamp to impact sector significantly

advisers trustees communication

Imminent changes to accepted communications techniques are likely to have a significant impact on SMSFs.

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Compliance, Regulation

Financial interest duty not penalty free

SMSF best financial interest duty

Trustees looking at not acting in the best financial interest of members may still be hit despite proposed duty changes carrying no penalty.

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