News

Financial Planning, Superannuation

Research won’t lift SMSF recommendations

cost research SMSF recommendations

Advisers will not be able to automatically recommend an SMSF for a client with a superannuation balance of $500,000 or above based on new research indicating these types of funds would be the most cost-effective for them, a strategy specialist has said.

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Financial Planning, Regulation, Tax

Review calls for TPB rego on opt-out basis

TPB registration advisers

Financial advisers will automatically fall under the oversight of the TPB unless they opt-out under a recommendation put forward by Treasury.

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ATO, Property

ATO announces rent relief determination

rent relief determination

The ATO has released a legislative instrument determination addressing COVID-19 rent relief deferrals granted by SMSF landlords to related-party tenants.

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Retirement

Lack of alignment over annuity products

annuity products

The absence of new annuity products reflects a lack of alignment with the needs of retirees from products providers.

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Auditing

Audit partners in firing line

SMSF audit partners

Specific senior executives from accounting firms should be wary if their organisation breaches the new auditor independence standards, a specialist practitioner has said.

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ASIC, Superannuation

Property developer sentenced for SMSF fraud

Property developer SMSF fraud

A former Queensland property developer has been sentenced to five years’ imprisonment for defrauding SMSF investors.

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Superannuation

Foreign transfers need clear reporting

foreign pension transfers

SMSFs can receive funds from foreign pension schemes, but must ensure they report the transaction correctly at both ends, an SMSF administrator has advised.

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Education, FASEA

Pass rate for FASEA exam falls

FASEA exam pass rate

The latest exam results from FASEA have revealed a significant drop in the pass rate compared to previous exams.

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Appointments

IPA appoints new president

IPA new president

The Institute of Public Accountants has elected a new president.

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ATO, Property

Rent relief determination close

Rent relief determination

A legislative instrument determination from the ATO is imminent to address in-house asset-related issues arising from situations where SMSF landlords have granted rent relief to related-party tenants.

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