News

ASIC

ASIC bans adviser for five years

SMSF adviser banned

A Perth-based adviser has been banned for five years after not giving consideration to the best interests of clients when setting up SMSFs.

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FASEA

FASEA launches remote access for exams

FASEA advisers exam

FASEA will provide remote access for advisers sitting the authority’s exam from February onwards, and the body is due to release December exam results later this month.

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ATO, Superannuation

SMSFs recover after wind-up spike

SMSF sector growth September

Growth in the SMSF sector remained strong in the September quarter, despite a dip in the net number of funds established in the previous quarter.

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Regulation, Superannuation

AML rules may exacerbate SFLU problems

AML SFLU SMSFs

SMSFs removed from the Super Fund Lookup (SFLU) may be caught under anti-money laundering (AML) laws impacting the flow of money in and out of the fund.

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Administration, Superannuation

With contributions, timing is everything

Contributions timing

The timing treatment of contributions when using a clearing house facility differs depending on which service is involved, writes Meg Heffron.

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Business News

Merry Christmas

Merry Christmas

The team at selfmanagedsuper would like to wish all of its readers a very Merry Christmas and a happy, healthy and prosperous New Year. We would also like to take this opportunity to thank all of you for supporting the title throughout 2019. Today’s newsletter marks the final edition for the year, with the publication […]

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ATO, Regulation

NALE not critical issue for ATO

NALE ATO

The tax implications for SMSFs resulting from the new non-arm’s length expense provisions are not being seen by the ATO as a major concern, according to a technical expert.

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ATO, Superannuation

SMSF collectables under scrutiny

ATO SMSFs collectables

The ATO will use its data matching powers to check if SMSFs are using high value assets for personal use in breach of the law.

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ATO, Tax

Excess transfer balance cap excuses rejected

excess transfer balance tax

Trustees have yet to find an acceptable reason to avoid excess transfer balance tax with recent cases proving the onus lay with them to get it right.

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Administration, Documentation

Asset specific corporate trustees optimal

SMSF corporate trustees

‘Asset specificity’ is the key advantage a purpose-built corporate trustee would have over a non-specific, existing company being appointed an SMSF corporate trustee, an SMSF legal expert has said.

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