News

Accounting, Regulation

Industry overstating NALI impact

non-arm’s-length income statistics

The SMSF sector is placing more importance on the non-arm’s-length income rules than is warranted by ATO statistics, according to an accounting body.

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Education, Regulation

New competency model needed to retain accountants

competency model accountants limited licensing

A new competency model for accountants should be implemented to offset the impact of FASEA reforms on the limited licencing model, an SMSF expert says.

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Education, FASEA

Majority of advisers pass FASEA exam

FASEA advisers exam

A large majority of advisers who sat the first FASEA exam have been notified they have passed as increasing numbers sign up for the next two rounds of exams.

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Property

TBC impacts real property holdings

transfer balance cap business property

Holding business real property inside an SMSF may not be as advantageous as it once was due to restrictions imposed by the transfer balance cap.

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Compliance

Excess concessional contributions and the TSB limit

contributions total super balance

An SMSF can still receive excess concessional contributions even if the member in question has reached their $1.6 million total super balance threshold, but it is important to know what to do in these situations.

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Administration, Financial Planning

Debate sparked over adequacy of single SOA

SMSF statement of advice

A debate has fired up as to whether more than one statement of advice is needed for SMSF clients to adequately disclose the significant risks associated with this type of super structure.

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ATO

ATO working on more meaningful performance data

ATO SMSF performance data

The ATO is working to improve the data SMSF trustees can use to compare their fund performance against that of large public offer superannuation funds.

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Administration, Estate Planning

Replacement trustee option essential in SMSF deeds

SMSF deeds replacement trustee

Trust deeds should ensure an SMSF have an option to nominate a replacement trustee in the event of a member’s death and not assume someone will be appointed to the role, an SMSF expert says.

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Strategy, Superannuation

Restrictions on 13.22c trusts may trigger blow-up

Restrictions on 13.22c trusts

Tight restrictions around the use of 13.22c trusts should be a warning to SMSF trustees to approach them with caution or risk facing a complete unwinding of any related arrangements.

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Accounting, Financial Planning

Accountants not solution for financial advice gap

accountants financial advice gap

Accountants are unlikely to complete further education to step into the financial advice sector as its revenues decline and practitioners leave.

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