News

Financial Planning, Investments

Outsourcing clients’ investment selection on the rise

Outsourcing clients’ investment selection on the rise

Financial planners are losing confidence in the domestic stock market and moving away from being directly involved in selecting investments for clients, according to a recent industry report.

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Compliance, Documentation

Documentation leading cause of compliance failure

trustees documentation compliance

Documentation compliance continues to be a key issue for SMSFs with many trustees ignorant of their obligations and requiring adviser assistance to educate them.

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LRBA

LRBA treatment dependent on member’s circumstance

LRBA total super balance

The extent to which the outstanding balance of a limited recourse borrowing arrangement will affect a member’s total super balance is determined by the individual member’s circumstances, according to an SMSF service provider.

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Superannuation

Travelling trustees still had “Australian” super fund

SMSF members overseas

A recent ATO private binding ruling has found an SMSF to be an Australian super fund despite its members spending a significant amount of the income year overseas.

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ATO, Investments

ATO letters’ impact already evident

ATO letters’ impact already evident

A specialist document provider has revealed many trustees have already been reassessing their investment strategies as a result of the ATO’s letter querying the investment strategy of 17,700 SMSFs invested in a single asset or asset class.

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ATO, Pensions

ECPI discretion success has several elements

ECPI discretion success has several elements

A successful application for ATO discretion to claim exempt current pension income usually involves some common elements, a technical manager has said.

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Accounting, Financial Planning

Accountants’ exemption return rejected

Accountants’ exemption return rejected

Two major professional accounting bodies have expressed their concern regarding the reintroduction of the accountants’ exemption as part of their joint submission to the Treasury’s review of the Tax Practitioners Board.

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LRBA

SMSFs in ATO probe used LRBAs

ATO letters LRBA

The SMSFs contacted by the ATO as part of its inquiry into fund investment strategies used an LRBA to acquire their asset or asset class, the regulator reveals.

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Regulation

ATO gets tough on annual return lodgement

Late lodgments of SMSF annual returns from 1 October will impact on funds’ complying status, the ATO has warned.

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Compliance

Market value substitution rules not a NALI pardon

A technical expert has warned the amendments to the non-arm’s-length income rules will still apply to an SMSF that has implemented the market value substitution measures as defined in the Income Tax Assessment Act 1997.

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