News

Superannuation

Early release triple hit possible

early super release penalty

Trustees who breach the COVID-19 economic relief measure in the 2020/21 financial year potentially face an adverse outcome that includes a triple penalty, a technical expert has said.

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Regulation, Superannuation

Flexibility key win with six member funds

six member SMSFs

Raising the member limit for SMSFs will introduce more flexibility into the current system without posing additional administrative risks for funds, the SMSF Association has said.

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Accounting, Financial Planning, Superannuation

Best interest may require referrals

SMSF accountants best interest

SMSF accountants facing questions about investments may need to refer clients to other advice providers under best interest obligations.

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Education, FASEA

More advisers passing FASEA exam on resit

FASEA exam

Close to 12,000 advisers have sat the FASEA exam with those doing it for the second time increasing the rate at which they are passing.

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ATO, Pensions

No leeway on overpaid pensions

minimum pension payments

Formal elections made at the start of the 2019/20 financial year as to the treatment of payments made above the minimum pension are unlikely to allow any re-classification of drawdowns in excess of the COVID-19 reduced threshold, a senior executive at an industry body has indicated.

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Regulation, Superannuation

Six member funds to cut compliance costs

six member SMSFs

The move to six member SMSFs would lead to a welcome reduction in the total number of SMSFs, lowering costs for the ATO and for the taxpayer, an independent statutory agency says.

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Investments

Inexperience with derivatives will create losses

SMSF derivatives

Inexperienced SMSF trustees seeking new sources of retirement income are likely to lose out by investing in derivatives.

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Regulation, Superannuation

Six members will magnify issues

six member SMSF funds

Problems with SMSF structures and membership will be heightened by the increase from four to six member funds, CPA Australia has claimed.

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Compliance, Superannuation

Personal situation not a sole purpose bypass

sole purpose test

SMSF trustees moving lumpy assets into a fund are becoming too relaxed in overlooking the sole purpose test in favour of personal circumstances.

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Pensions

ECPI impacts tax loss treatment

ECPI tax loss

SMSF tax losses carried forward from a prior year will need to take into account the calculation of exempt current pension income if the proportionate method has been used to do so, a technical leader has said.

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