News

ATO, Superannuation, Tax

Trustees unaware of ENCC repayment options

trustees excess contribution

Trustees may be unaware they could pay too much to the ATO when responding to excess non-concessional contribution determinations and need to review the options presented to them.

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Accounting, Financial Planning

Accountants abandoning advice

Accountants advice risk

The risk associated with providing financial advice is causing a significant number of accountants to stop providing this service for their clients, an industry advice leader has said.

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Administration, Compliance

Past offences a barrier to trustee role

SMSF trustee eligibility

Potential SMSF trustees should be encouraged to disclose any past dishonesty offences to avoid committing a further offence if they take on the role.

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Commercial Property, LRBA, Residential Property

SMSF loan product launched

SMSF loan product

I Love Accounting (ILA) has announced the launch of an SMSF loan product, in conjunction with emoney, for ILA clients.

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ETFs

BetaShares unveils new diversified ETFs

betashares diversified ETFs

Betashares has launched a new range of low-cost, multi-asset diversified ETFs on the ASX.

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ATO, Compliance

ATO penalties stifling trustees

ATO penalty scheme

The current ATO penalty scheme will push SMSF trustees towards non-compliance and may lead to some giving up on their funds altogether, an SMSF audit expert says.

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Regulation, Superannuation

Illegal scheme promoter banned, fined

Illegal early access

The Federal Court has imposed a two-pronged penalty on a woman found guilty of promoting and operating a scheme providing illegal early access to superannuation benefits.

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ATO

Regulator scrutiny good for SMSF sector

ATO scrutiny SMSF sector

The ATO’s close examination of the SMSF sector has been crucial to its ongoing growth and success and will be required to maintain that into the future.

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FASEA

Govt appoints advice rep to FASEA board

FASEA board

The government has filled a vacancy on the FASEA board for an advice representative four months after it was opened by the resignation of a former member.

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Accounting, Financial Planning

NALE may hit pro-bono work

pro-bono SMSFs NALE

Pro-bono advice and non-advice services provided to SMSFs may also be trapped under non-arm’s-length expenses (NALE) arrangements.

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