News

Appointments

SMSF Association to seek new head of policy

SMSF Association head of policy Jordan George

The SMSF Association will begin the search for a new head of policy to replace Jordan George who will leave before the end of August.

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Administration, ATO, Pensions

ATO guidance needed on transitional TBA confusion

transitional TBA confusion

A lack of understanding about the TBA reporting requirements has resulted in pensions being double counted and members being unnecessarily penalised, an SMSF expert has claimed.

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Documentation, Property

Poor asset valuations not considering all factors

SMSF asset valuations

The source of asset valuations needs to be carefully considered with some providers overlooking key factors which may be later examined by the ATO.

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Superannuation

SMSF practices with high fund numbers lead market

Small medium-sized SMSF practices funds

Small and medium-sized SMSF practices are the dominant advice providers, servicing more than half of the funds administered by one service provider.

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Pensions

Pension reversion event reporting causing trustee issues

Pension reversion event reporting

Confusion exists among SMSF trustees as to when a reversionary pension event needs to be reported, according to a technical services team.

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Pensions, Retirement

Call a TRIS an ABP if release conditions met

TRIS release conditions ABP

Allowing a TRIS to be called an ABP under certain conditions of release would simplify the industry understanding of the differences between the two, an SMSF expert says.

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Regulation, Superannuation

SuperStream deferral introduced into parliament

SuperStream deferral

Regulations that will push back the start date of SuperStream for SMSFs into 2021 have entered parliament, locking in the deferred timetable released earlier this year.

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ATO, Auditing

Reciprocal auditing may attract ASIC action

Reciprocal auditing ASIC action

The ATO has identified reciprocal auditing arrangements as a risk to auditor independence and recommended auditors stop the practice to avoid greater scrutiny or regulatory action.

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Superannuation

Aspirational element needed in superannuation objective

aspirational element superannuation objective

The government should include an aspirational element in the objective of superannuation that raises the purpose of the retirement savings system.

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Pensions, Retirement, Superannuation

Mixed-phase SMSFs ahead on assets

Mixed-phase SMSFs assets

Mixed-phase SMSFs currently have higher average balances per fund and per member than other funds, according to new data released by an SMSF administration services provider.

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