News

Retirement, Strategy

Downsizer contributions benefit from ‘no rules’

downsizer contributions

Trustees should not underestimate the opportunities presented by downsizer contributions particularly where the rules are not explicit in how it can be used.

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Retirement, Superannuation

Small contribution can shift retirement view

super contributions retirement

A small increase in super contributions can affect how people see their retirement prospects, shifting them from negative to positive.

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ASIC, Regulation

SMSF advice should mirror auditor framework

Licensing regime

The licensing regime governing SMSF advice should be structured along the same lines as the approved SMSF specialist auditor register, a prominent adviser has said.

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ATO, Auditing

ATO still finding issues with auditors

ATO SMSF auditors

An ongoing review of SMSF auditors has continued to find concerns with their practices, with some being referred to ASIC for further action.

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ASIC, Property

SMSF property promoter pleads guilty

Charterhill SMSF property Nowak

Charterhill Group founder George Nowak has pleaded guilty to charges of aggravated deception and dishonest dealings with documents.

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ATO, Investments

ATO regrets tone but not intent of letters

ATO investment letters

The ATO will continue to take a proactive stance in contacting trustees about matters of concern, despite admitting it erred in its communication on investment strategies.

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Administration

Embracing tech changes key to survival

Technological change

The fast pace of technological change in relation to the slow pace of organisational change can pose a threat to the success of SMSF service providers, a technical expert has said.

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ATO, Compliance

ATO toughens breach stance

ATO trustees breaches

The ATO will give fewer warnings but more penalties to SMSFs that breach their obligations under a recalibrated enforcement model.

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Accounting, Auditing, Financial Planning

SMSF advice compliance “out of control”

SMSF advice compliance

The compliance changes SMSF advisers have faced recently have been overwhelming, a compliance expert says.

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ATO

Non-lodgement numbers remain high

annual return non-lodgement

The ATO will ask thousands of SMSFs why they should not be ruled non-compliant as the numbers that have not lodged an annual return remain high.

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