News

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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ATO, Auditing

Auditors slow to respond on SAN misuse

SAN misuse

SMSF auditors have been slow in coming forward about the misuse of their auditor numbers, but the ATO has increased action on reported cases.

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Financial Planning

ALP wants more accessible advice

financial advice access

As Australians retire with more savings than ever before, the federal opposition would like quality financial advice to be more accessible to the greater public.

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Administration, Superannuation

Split contributions to lower TSBs

Splitting contributions

Splitting a previous year’s contributions to a spouse is one of a few effective ways of reducing a TSB at 30 June, an SMSF technical expert says.

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ETFs, Investments

BlackRock signs on with OpenInvest

Blackrock ETF OpenInvest

BlackRock ETF model portfolios will be available to Australian investors via online marketplace OpenInvest.

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Retirement

SMSFs should be prototype

SMSF sector

The SMSF sector should be seen as a prototype demonstrating how Australians can be better serviced in retirement by super funds, an industry body leader has said.

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