News

LRBA

Labor needs to rethink LRBA policy

A specialist SMSF property lender has urged the Labor Party to rethink its policy to ban LRBAs following its election defeat.

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ATO, Auditing

ATO releases guidance on Part A audit change

The ATO has highlighted the inclusion of Part A audit qualifications as part of its guidance on changes to the 2019 SMSF annual return.

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Investments, Superannuation

Industry fund opens investment options to SMSFs

Hostplus; SMSF; investment

Hostplus has launched a range of investment options pitched at the SMSF sector following a successful pilot run of the product.

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Pensions

Valid pensions take precedence over BDBNs

Valid reversionary pension arrangements should take precedence over binding death benefit nominations, according to an SMSF document provider.

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ATO, Tax

ATO updates guidance on contribution deductions

SMSF members making deductions for personal contributions will need to provide written notice of their intent and receive written confirmation from the ATO.

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Administration

SuperConcepts to set up innovation lab

SuperConcepts will set up an innovation lab to develop new automated solutions and a range of prototypes for SMSF software.  

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ATO, Auditing, Tax

SMSF returns to require new audit information

SMSF; annual return; audit

SMSFs will need to pay attention to changes in the 2019 SMSF annual return that require mandatory audit report information to be included for the first time.

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ASIC, Regulation

Legacy complaints now under AFCA’s remit

The Australian Financial Complaints Authority is now able to deal with legacy complaints about the financial services industry as a result of approval granted by the Australian Securities and Investments Commission.

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Administration, Platforms

Praemium expands SMSF admin service

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Praemium has continued to build out its SMSF administration service, offering tax and audit reporting services to further benefit existing clients.

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ATO, Superannuation, Tax

When is Division 293 tax paid?

SMSFs may be subject to paying tax on contributions made to the fund but, under Division 293, when can a fund member access money from the fund to pay that tax, and what steps are required to remain compliant with the ATO?

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