News

ATO, Superannuation

Potential confusion flagged with division 293 notices

The way information is presented on the redesigned ATO division 293 assessment notices has the potential to cause confusion for SMSFs employing a contributions reserve

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ATO, Superannuation

ATO aids contributions cap compliance

The regulator will assist practitioners and their SMSF clients in complying with the new non-concessional contributions cap rules.

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Financial Planning, Regulation

SMSF advisers add to rise in planner numbers

The number of advisers increased rapidly in late 2018, driven partly by SMSF advice providers registering before the imposition of new education standards.

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Strategy

Staying segregated may become a headache

SMSFs can maintain a small accumulation balance to avoid using the segregated method for ECPI and reduce the associated administrative complexities, a lawyer has suggested.

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Education

Industry conferences still a good CPD source

Industry events will remain a valid source of CPD, with advisers able to use them to access training beyond FASEA’s minimum requirements.

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Education

Advisers need to focus on new CPD regime

Close-up of a magnifying glass

The CPD requirements for financial advisers have shifted and practitioners need to consider the time and content of training to meet new FASEA standards.

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ATO

ATO reserve allocation discretion tested

A recent ATO private binding ruling has clarified the discretionary power of the regulator as to the treatment of allocations to SMSF members from reserves.

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Accounting, Regulation

Govt unlikely to bring back accountants’ exemption

The federal government is unlikely to be in the mood to reintroduce the accountants’ exemption given recent and ongoing inquiries.

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ATO, Superannuation

Class finds holes in final PC report

Class has expressed concerns its research findings around SMSF returns are not fully reflected in the final Productivity Commission report.

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ASIC, Regulation

SMSF adviser banned for 25 years

Court action initiated by ASIC has resulted in an SMSF adviser being removed from the industry for 25 years for misusing client funds.

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