News

LRBA

Division 7A loan relief on offer

Division 7A loan relief

The ATO has outlined the conditions under which it will offer administrative relief for SMSFs with LRBAs where a Division 7A loan is in place.

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Documentation, Superannuation

New rollover verification for APRA funds

rollover verification APRA SMSF

APRA-regulated funds dealing with a rollover to an SMSF will be required to use a new ATO verification service that came online this month.

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Tax

NALE no-action period extended

NALE ATO no-action

The ATO will not take action in regards to non-arm’s-length expenses for another year, but has yet to decide on a final position on the matter.

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Documentation

TBA source of truth not myGov

TBA indexation

A recent poll has shown the majority of practitioners will not be using the myGov portal as their main source of truth when monitoring client transfer balance accounts post indexation.

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ATO, Auditing

SAN misuse reporting at new high

SAN misuse reporting

Auditors have responded positively to an ATO call for data regarding SMSF auditor number misuse, providing more insight into errors related to the annual audit process.

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Auditing

ATO guidance ends data feed speculation

audit data feeds

The ATO’s audit independence guidance highlights the near impossibility of firms being able to use automated tools as a path to in-house audits, a technical expert says.

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ASIC, Financial Planning

ASIC releases new ongoing fee rules

ASIC ongoing fee rules

ASIC has released new rules around what consent advisers need to secure when using ongoing fee arrangements with clients.

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Appointments, Business News

AFA CEO concludes his term

AFA Kewin step down

Association of Financial Advisers (AFA) chief executive Philip Kewin has decided to step down from his position after four years at the helm of the industry body.

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Superannuation, Tax

Segregation a potential tax rort

Asset segregation tax avoidance

Asset segregation will not protect trustees seeking a tax avoidance arrangement, with the ATO watching these situations, a technical expert has advised.

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Platforms

WealthO2 to aid SMSF client retention

Wealth02 SMSF client

Platform provider WealthO2 is developing functionality that should assist advisers to retain their SMSF clients.

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