News

ASIC, Compliance, Regulation, Superannuation

Mercer hit with $11.3m greenwashing penalty

Federal court ASIC Greenwashing Mercer Superannuation

The Federal Court has ordered Mercer Superannuation to pay a multi-million-dollar penalty after misleading members over the nature of its sustainable investment options.

read more
Compliance, Tax

Tax agent code change pushed back

Tax Practitioners Board TPB Code of Professional Conduct Tax Agent Services (Code of Professional Conduct) Determination 2024 Stephen Jones SMSF Association Chartered Accountants Australia and New Zealand

New additions to the code of conduct for registered tax agents will now apply from two dates in 2025 and not from 1 August following a late change by the government.

read more
Auditing, Contributions

Contributions not an audit matter

SMSF auditors The Actuaries Institute Graeme Colley Contributions caps

Contributions are no longer a consideration for auditors, who have been reminded their treatment no longer resides under super law.

read more
Documentation, Estate Planning

Estate details must be accurate on statements

Member statements Estate planning SMSF Self-managed superannuation Accurium Anthony Cullen

SMSF practitioners have been advised to thoroughly review and substantiate estate planning details on their clients’ member statements to prevent potential legal issues.

read more
ETFs, Investments

JP Morgan releases another equity ETF

JP Morgan Exchange traded fund ETF Global Equity Premium Income Complex ETF Andrew Creber

JP Morgan has added a third offering to its equity-based ETFs with the launch of a fund that will provide a consistent income source for investors.

read more
Pensions, Strategy, Tax

Pension rules impact Div 296 tax

SMSF Self-managed superannuation Reversionary pension DBA Lawyers Bryce Figot Division 296 tax

SMSF members who are death pension recipients can expect to have a reduced Division 296 tax liability if the income stream was non-reversionary.

read more
Superannuation

General TBC will rise to $2 million

transfer balance cap TBC superannuation Inflation CPI Craig Day Colonial First State

Inflation has risen enough to indicate the general transfer balance cap will increase again at the start of the of 2026 financial year.

read more
ATO, Compliance, NALI/NALE, Regulation

No need for exact arm’s-length fee

ATO Non-arm's-length expenditure LCR 2021/2

SMSF trustees do not need a detailed breakdown of arm’s-length fees for any service charged to the fund, but will need to make a reasonable attempt to determine that figure.

read more
ASIC, Compliance, financial advice, SMSF

Adviser cops ban over conflicted advice

ASIC UGC SMSF Self-managed superannuation Joel James Hewish Ban Conflicted personal advice United Global Capital Pty Ltd

A Victorian adviser who managed a firm that encouraged clients to roll their retirement savings into SMSFs to invest in his own interests has been banned for 10 years.

read more
Investments, Regulation, SMSF

Sole purpose test is king

Sole purpose test In-house asset rules Related party 5 per cent rule SMSF Self-managed superannuation Knowledge Shop Jason Hurst

Satisfying the sole purpose test outweighs all other compliance considerations when trustees are contemplating an SMSF investment.

read more

Copyright © SMS Magazine 2024

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.