News

Retirement

Rate cut punishes self-funded retirees

interest rate retirees

The most recent interest rate cut will impact self-funded retirees through lower investment returns, while saddling them with a deeming rate that remains too high.

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Strategy

Don’t view indexation by itself

indexation SMSF contribution strategies

A technical manager has cautioned SMSF advisers and their clients not to consider indexation exclusively when formulating contribution strategies.

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FASEA

Submissions show FASEA conflicts push back

Recently released submissions to FASEA show concerns about conflicts of interest standards were presented to the authority more than a year ago.

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LRBA

Loan relief extended for SMSFs with LRBAs

Loan relief SMSFs

The six-month loan relief period provided to SMSFs by related-party lenders in line with the Australian Banking Association’s commercial loan COVID-19 relief criteria has been extended by four months.

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Documentation

New accounts time frames may spark document backdating

records time frame backdating

A Treasury proposal to impose a set time for the preparation of SMSF accounts may lead to funds backdating records to meet the deadline.

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Pensions

Pension reserve shifts still possible

Pension reserves SMSF account

Moving pension reserves into an SMSF member’s account is still possible as long as it is allocated correctly and the cost of switching is considered.

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Accounting, Auditing

New standards allay accountant fears

SMSF auditor standards

The new auditor independence standards will alleviate SMSF accountants’ fears of encroaching on fund auditors’ territory and ultimately result in a better level of service for trustees.

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ATO, Superannuation

SG amnesty impact can be eased

SG amnesty

Super guarantee amnesty payments do not necessarily have to be recognised in the financial year in which they are received, a technical manager has said.

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ASIC

Developer guilty of defrauding SMSF investors

property developer SMSF fraud

A former Queensland property developer has been found guilty of six counts of fraud involving amounts obtained from SMSF investors totalling $345,000.

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Education, FASEA

Few veterans required to complete eight units

advisers eight unit course

The number of veteran advisers required to complete a full course of study to comply with new standards is low compared to the total adviser pool, according to FASEA.

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