News

ASIC, Auditing

ASIC disqualifies four SMSF auditors

ASIC disqualified SMSF auditors

ASIC has disqualified four SMSF auditors and suspended two more as part of ongoing action against SMSF auditor misconduct.

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ATO, Documentation

ATO defers SAR lodgement date

ATO SAR lodgement

The lodgement date for SMSF annual returns has been automatically pushed out to 30 June for all funds in the latest COVID-19 relief measure from the ATO.

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Superannuation

SMSF satisfaction on the rise

SMSF satisfaction

Satisfaction among SMSF members increased in March despite significant falls in Australian equities, the latest research into the superannuation industry has shown.

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Compliance

Court reinforces trustee standards

SMSF trustee standards
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The recent dismissal of an appeal brought by an SMSF trustee has highlighted the need for them to maintain high standards and act in good faith when executing their duties.

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ATO

PBRs may not be loan safety net

ATO private rulings NALI

ATO private binding rulings may not offer infinite protection from being caught by the non-arm’s-length income rules with regard to SMSFs with related-party loans, a specialist law firm has warned.

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Pensions

SMSFs must consider all super for ECPI

ECPI calculation super

SMSFs should be considering their total superannuation holdings when calculating exempt current pension income to avoid using the wrong method.

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Insurance, Superannuation

Early super access could halt insurance cover

Super life insurance

Members who access their super early under the government’s coronavirus relief measures should consider how this will affect the life insurances provided by their super fund, a technical expert says.

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Documentation

DBA rolls out no-witness BDBN

BDBN witnesses

SMSF trustees will be able to execute a BDBN without the presence of witnesses under a new offering from an SMSF legal firm.

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FASEA

FASEA to fine-tune referral fee treatment

FASEA referral arrangement fees

Referral arrangements between financial planners and other service providers that include a fee will be reviewed by the Financial Adviser Standards and Ethics Authority as to their treatment under the industry’s code of ethics.

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Financial Planning

Pandemic driving interest in advice

COVID-19 financial advice

The interest in financial advice from new clients has spiked in recent weeks, alongside growing concerns from advisers about their own long-term survival.

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