News

Administration, ATO

Annual returns non-lodgement puts $45b at risk

SMSF annual returns

The non-lodgement of SMSF annual returns in 2019 has put in excess of $45 billion in superannuation assets at risk, according to the latest ATO data.

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Pensions

Errors common in actuarial certificate process

Errors common in actuarial certificate process

Trustees should be aware of the potential stumbling blocks involved with completing the actuarial certificate application process as part of working out their fund’s ECPI, an actuarial services provider says.

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Financial Planning, Retirement

Retirees should look beyond cash

Retirees should look beyond cash investment income

Retirees with declining income from cash investments should be encouraged to move from traditional models in that space and look to other high-returning liquid assets.

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Accounting, ASIC

ASIC rejects return of accountants’ exemption

ASIC accountants’ exemption

ASIC has not backed the return of the accountants’ exemption, noting the quality of advice from accountants is not higher than that of financial planners.

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Administration, Regulation

Unsuitable trustees should be replaced

SMSF members trustee replaced

Not all SMSF members should be trustees and can be replaced by their legal representative using an enduring power of attorney.

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LRBA

LRBA issue showing improvement

LRBA SMSFs

A commercial property financier has said the problem of SMSFs being established specifically to invest in property using a limited recourse borrowing arrangement (LRBA) is showing signs of waning.

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ATO

ATO gets serious with admin penalties

ATO administrative penalties

The ATO has changed its approach to the use of administrative penalties and trustees need to be aware of the implications, an SMSF expert says.

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ASIC, Auditing

ASIC acts on SMSF auditor misconduct

ASIC SMSF auditors misconduct

ASIC has disqualified two SMSF auditors and added conditions to the registration of another following referrals from the ATO.

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Accounting, Regulation

Accountants’ exemption no longer supported

accountants’ exemption

Three major accounting bodies will work together to create a simplified financial advice model, but will not consider a return to the limited licensing regime.

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Pensions, Superannuation

Resolutions or agreements on death not binding

Pension resolutions agreements

A specialist lawyer has warned instructions as to the treatment of an existing pension upon a member’s death may not be legally binding if made via a resolution or a contractual agreement.

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