News

Superannuation

SMSFs soft target for relief cash

SMSFs COVID-19 relief

SMSFs and self-funded retirees are soft targets for tax increases designed to replenish government funds spent on COVID-19 relief.

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LRBA

Problems with LRBA relief

SMSFs LRBA relief

SMSFs may encounter complications when seeking relief from limited recourse borrowing arrangement payments relating to COVID-19 financial hardship, a technical expert has said.

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ATO, Superannuation

ATO tells SMSFs to ignore off-target letters

ATO SMSFs letters

SMSFs that have received a letter requiring them to report claims for a contribution deduction should ignore them as they do not apply.

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Superannuation

FSC calls for one-off super boost

FSC COVID-19 superannuation

The Financial Services Council has called for a special contributions regime for super fund members impacted by COVID-19.

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Financial Planning, Regulation

FPA wants AFSL system dumped

FPA AFSL system

The AFSL system for financial planners should be replaced by a new framework focusing on individual registration through a single disciplinary body, the FPA says.

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Accounting, Financial Planning

Advice services need post-COVID-19 focus

post-COVID-19 advice

The COVID-19 downturn has demonstrated the value of professional advice, but practitioners should be preparing for clients’ post-lockdown needs.

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Administration

Class completes NowInfinity integration early

Class NowInfinity integration

The integration of documentation service provider NowInfinity into the organisational structure of Class is now complete.

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Documentation

Conflicts clause no quick fix

conflict interest trust deed

Conflict of interest clauses will not absolve SMSF trustees of their best interest duties, a legal firm has claimed.

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ATO, Tax

ATO pushes NALE action out by year

ATO NALE action

The ATO will not take action on non-arm’s-length expenditure (NALE) of a general nature, allowing SMSF practitioners to work on their own funds for another 12 months.

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Regulation

SMSFA applauds SIS Reg changes

SIS work test changes

The amendments made to the Superannuation Industry (Supervision) Regulations easing age limits applying to the work test and spouse contributions have been welcomed by the SMSF Association.

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