News

ATO, Regulation

ATO to include SMSFs in real-time reporting

Real-time reporting ATO SMSFs

The SMSF sector will be part of the ATO’s move towards real-time reporting and until SMSFs are included, employers will be adversely affected, an SMSF expert says.

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ATO, Regulation

In-specie contributions not a NALE loophole

In-specie contributions NALE

The new non-arm’s-length expenditure provisions will still apply to situations where an in-specie contribution has been used to bridge the difference between the purchase price and market value of an asset acquired by an SMSF.

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Compliance, Financial Planning

Impact of code monitoring shift minor

code monitoring associations standards

Financial advice associations have brushed off suggestions a government run disciplinary body would reduce their role but questioned how the body will work.

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ATO

ATO letter campaign boosts trustee awareness

ATO investment trustees awareness

The ATO has yet to consider if it will write to trustees again raising concerns over investment strategies, claiming the current campaign has raised sufficient awareness.

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Administration, Financial Planning

Advisers best placed to lead SMSF collaboration

SMSF collaboration model

Financial advisers should project manage SMSFs within a family office collaboration model in order to best serve trustees, an SMSF expert says.

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ATO, Superannuation

ATO grants NALE transition period

ATO NALE transition

SMSF trustees have the opportunity to rectify any service provision arrangements involving themselves and their fund to prevent them from falling foul of the new NALE provisions.

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Superannuation

SMSF Association critical of ASIC message

SMSF Association critical ASIC

The latest Australian Securities and Investment Commission fact sheet on SMSFs has been criticised by the main industry body for portraying the sector in a very poor light.

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ASIC, Superannuation

ASIC specifically flags SMSF downsides

ASIC SMSF downsides

ASIC has claimed an SMSF isn’t an appropriate strategy in certain situations and potential trustees should be aware of the downsides of SMSFs before establishing one.

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FASEA, Financial Planning

Govt drops associations from adviser oversight

financial advice ethics enforcement

Financial advice associations have been cut out of the code of ethics enforcement model as tge government announces the creation of a new disciplinary body.

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Regulation, Superannuation

Trustees given clarity on NALI expenses

trustees SMSF free services

Trustees can provide services free of charge to their own fund but must be aware of which capacity they are acting in when they do so, according to an SMSF legal expert, who claims a new ruling has clarified these conditions.

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