News

Retirement, Superannuation

Intergen Report positive for SMSFs

SMSF intergenerational report

The findings of the 2021 Intergenerational Report are very positive sign of the future for the SMSF sector for the coming decades.

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ASIC, Auditing

Auditor disqualified for independence breach

SMSF auditor disqualified

ASIC has disqualified the SMSF auditor registration of a Sydney-based practitioner who was found to be lacking independence and failed to obtain evidence when required to do so.

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Compliance, Regulation

Best financial interests duty not a chore

SMSF best financial interests

SMSF trustees should have no difficulty complying with the incoming best financial interests duty as it coincides with their interests as beneficiaries.

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Accounting

Year-end investment strategy review wise

SMSF strategy review

The super fund investment strategy should be reviewed annually in conjunction with the end of the financial year.

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Retirement, Superannuation

Retiree group applauds super legislation

retirees super legislation

The Your Future, Your Super legislation has been endorsed by the Association of Independent Retirees for the performance and efficiency gains it will produce.

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Documentation

Super law can still link ex-spouses

former spouse SMSF

Former spouses seeking to make financial transactions via an SMSF may still be linked under super law and thus prohibited from doing so.

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ATO, Auditing

Audit compliance to be enforced

auditor report compliance

The ATO will be enforcing compliance in the new financial year as changes to the SMSF independent auditor report (IAR) will take effect.

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ATO

ATO issues TBAR, bank account reminders

ATO TBAR bank account

The ATO has issued eleventh-hour reminders to SMSF trustees to complete urgent housekeeping activities to ensure the smooth running of their funds.

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Financial Planning, Regulation

FPA supports Better Advice bill in the main

FPA Better Advice bill

The FPA has said the Better Advice bill needs improvement, but has welcomed the effort to create a single disciplinary body for financial planners.

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Contributions, Superannuation

NCC bring-forward date confirmed

NCC bring-forward

The official date from when people aged 65 and 66 can use the non-concessional contributions bring-forward rule has been confirmed by Treasury.

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