News

ECPI

Element missing from ECPI bill

ECPI legislation

The Treasury bill dealing with how exempt current pension income is to be calculated omitted an important element that had been included in the draft version of the legislation.

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Auditing, Superannuation

Rollover evidence must be provided to auditors

SMSF rollover

SMSF members leaving their fund are still required to show their rollover has gone to another fund even when the SMSF is shutting down.

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Contributions

Early release recontribution process opens

Early release recontribution

The ATO has announced individuals can recontribute into funds without it counting towards non-concessional caps to rebuild super amounts affected by the COVID-19 early release scheme.

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Compliance

Good general compliance should satisfy best financial interest duty

compliance best financial interest duty

The documentation of sound compliance practices could be all SMSF trustees need in order to prove they have adhered to their best financial interest duty.

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Superannuation

Younger investors want more super control

younger super control

Younger investors are highly engaged with their superannuation and many are considering how they can self-manage to gain greater control.

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Appointments

SuperConcepts leadership team takes shape

SuperConcepts appointments

SuperConcepts has made two new appointments to its leadership team that are expected to improve its product development processes.

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ATO

ATO updates ABR to allow six-member funds

ATO ABR members

Updates to the Australian Business Register (ABR) to allow the creation of six-member SMSFs are complete and will replace an interim process offered by the ATO.

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Compliance, Financial Planning

Industry united against compensation scheme

CSLR financial advice

A compensation scheme of last resort (CSLR) will result in a less affordable advice industry, according to a raft of industry associations that stand opposed to the government’s draft model.

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Retirement, Superannuation

Covenant common sense encouraged

retirement covenant

The SMSF Association has called on the government to use a sensible approach to the implementation of the proposed retirement income covenant.

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Compliance, Documentation

Lodgement dates can shift reporting time frame

tax lodgement dates SMSF

The tax lodgement dates for unlisted shares or units in a private unit trust can throw out the reporting dates for an SMSF if left unchecked.

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