News

Superannuation

Foreign transfers need clear reporting

foreign pension transfers

SMSFs can receive funds from foreign pension schemes, but must ensure they report the transaction correctly at both ends, an SMSF administrator has advised.

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Education, FASEA

Pass rate for FASEA exam falls

FASEA exam pass rate

The latest exam results from FASEA have revealed a significant drop in the pass rate compared to previous exams.

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Appointments

IPA appoints new president

IPA new president

The Institute of Public Accountants has elected a new president.

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ATO, Property

Rent relief determination close

Rent relief determination

A legislative instrument determination from the ATO is imminent to address in-house asset-related issues arising from situations where SMSF landlords have granted rent relief to related-party tenants.

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Investments

Capital-raising relief measures punish SMSFs

Capital-raising relief SMSFs

The capital-raising COVID-19 relief measures implemented by ASIC and the ASX have advantaged large institutional investors and penalised SMSF and retail shareholders, the SMSF Association says.

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Strategy, Superannuation

Control is driver for fund set-ups

Control SMSF establishment

A new survey has confirmed control over retirement income investments is the chief reason for the establishment of SMSFs.

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Accounting, Financial Planning, Superannuation, Tax

Advice use could inject $600b into economy

advice economic boost

Widespread use of professional financial, superannuation, tax and accounting advice could provide billions in economic benefits to the nation, according to new research.

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ATO, Documentation

Asset valuation breaches spike

Asset valuation breaches SMSF

Compliance breaches regarding the valuation of SMSF assets have risen significantly over the past few years, the ATO has revealed.

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Administration, Superannuation

SMSF study clears up cost misconceptions

SMSF cost research

The latest research into the running costs of SMSFs has cleared up the common misconception SMSFs are an expensive option compared to APRA-regulated funds, a technical expert says.

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Documentation, Strategy

Members must track contributions

smsf trustees contributions

SMSF members must track their ongoing contributions to ensure they can fully use bring-forward measures without creating an unexpected excess contribution.

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