News

Contributions

COVID altered contribution timings

SMSF contributions timing

The economic impact of COVID-19 changed the way SMSF members made contributions in the last financial year, with many spreading them over time.

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Regulation, Superannuation

Super details accessible for separated couples

superannuation separated couples

An amendment bill before parliament will allow separated couple to access their former partner’s super account details in an effort to alleviate financial hardship.

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Auditing

Fee threshold a barrier to entry

auditor fee threshold

A specialist professional body for auditors has argued against the introduction of a hard fee threshold in an effort to make the auditor independence standards more robust.

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Superannuation

Frequency of reporting still poor

SMSF data reporting

A significant majority of SMSF practitioners are still servicing their clients and providing only annual fund information to them.

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Documentation

Indexed TBC not relevant for all

TBC indexation calculations

SMSF practitioners should not believe the myth that every client’s TBC indexation needs to be calculated as the new figure will never be relevant for some of them.

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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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