News

Pensions

‘Easy way’ not always best when calculating ECPI

ECPI reporting process

The upcoming changes to ECPI will have the overall effect of complicating the reporting process for funds, an SMSF expert says.

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Accounting, Superannuation

Look at SMSF life cycle for revenue boost

Accountants SMSF revenue

Accountants should examine the life cycle of an SMSF to find new areas of advice through which they can expand their services as well as their revenue.

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ASIC, Superannuation

Illegal early-access promoter jailed

Illegal early access superannuation

The operator of a scheme providing illegal early access to superannuation benefits has been given a three-year jail sentence.

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Superannuation

SMSFs on way to aspirational retirement

SMSFs aspirational retirement

Many SMSFs are on track to being able to afford a $100,000-a-year lifestyle in retirement, placing them well above ASFA retirement standards, according to the latest data from Accurium.

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Auditing

Recent court cases to affect SMSF audits

court cases SMSF audits

The outcomes of two recent cases will influence how audits are completed this financial year, however, audit obligations themselves will remain unchanged, an SMSF audit expert says.

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Appointments

SuperConcepts restructures after manager departure

SuperConcepts manager departure

SuperConcepts has combined two senior roles following the departure of its general manager for customer services to stablemate AMP Capital.

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ATO

ATO seeking deeper data on SMSF investments

ATO data SMSF investments

The ATO would like to collect more detailed data on the investments of SMSFs and may consider changes to the annual return to gather it.

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Administration, Superannuation

NALE changes create “bizarre” scenarios for advisers

NALE accountants planners

Financial planners and accountants may find themselves subject to unusual non-arm’s-length expenditure rules (NALE) in managing their own SMSFs.

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ASIC, Financial Planning

Lime FS shuts robo-advice arms

Lime FS robo-advice

The robo-advice arms of Lime FS Pty Ltd have been voluntarily closed amid compliance issues raised by the corporate regulator.

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ATO, Pensions

TBAR hampered by lack of real-time data

real-time data transfer balance

The lack of real-time data from the ATO about the transfer balance account (TBA) is hampering the ability of SMSFs to manage pension transfers.

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