News

ASIC

SMSF proprietor hit with injunctions

ASIC SMSF injunctions

ASIC has obtained interim injunctions against PW Kitt Co Pty Ltd and its director in order to investigate the acquisition of almost $7 million in SMSF investor funds.

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Auditing

Audit rules to drive fund moves

SMSF auditors independence

New independence requirements for SMSF auditors will drive hundreds of thousands of funds to seek a new auditor as the ATO seeks greater separation of services.

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Financial Planning

SMSFA budget submission calls for reform

financial advice reform

The SMSF Association is urging the government to consider a less complex approach to regulating the financial advice industry.

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Retirement

Measures for retirement goals a strategy key

retirement strategy

Knowing what a successful retirement looks like to a client and having measures to determine whether these objectives have been achieved are critical to formulating a prudent strategy for this stage of life, a technical specialist has said.

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Retirement

COVID-19 limits retiree spending

COVID-19 retiree spending

The COVID-19 pandemic has resulted in a dip in the cost of living for retirees, the latest ASFA Retirement Standard has revealed.

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Superannuation

COVID relief blurs contributions

COVID super contributions

Legitimate contributions to super funds from individuals who have accessed their retirement savings early to alleviate COVID-19 financial hardship will face greater ATO scrutiny, a technical expert has said.

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Retirement

Retirement debate overlooks taxpayer funding

retirement income

The debate on how to fund retirement income needs to focus on adequacy issues first, while keeping in mind it is wholly funded by taxpayers.

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Property, Regulation

DomaCom gets downsizer approval

DomaCom downsizer

An ATO Administrative Binding Advice ruling obtained by DomaCom means individuals will be able to make downsizer contributions from the partial sale of a residence.

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Superannuation

Long-term cost of early access over $100b

early release superannuation

The government’s early release super scheme will cost future generations over $100 billion and has undermined the importance of Australia’s superannuation system, BetaShares says.

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Investments, Superannuation

SMSF early access spike refuted

SMSF early release

Early release of superannuation from SMSFs was not unexpected, but trustees are likely to draw on much less money than recently predicted, according to the SMSF Association.

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