News

ATO, LRBA

Business as usual for LRBA, NALI reporting

ATO reporting NALI LRBA

The ATO has announced SMSFs should continue reporting LRBAs and NALI according to existing instructions until pending changes in these areas pass into law.

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Auditing

SMSF Association commends ASIC auditor action

ASIC SMSF auditor action

The SMSF Association has applauded ASIC’s tough stance on auditors who failed to meet their professional standards.

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Superannuation

SG increase to benefit certain workers

increase superannuation guarantee benefit

An industry consultant has said low-to-middle-income earners will benefit from a rise in the super guarantee levy from 9.5 per cent to 12 per cent.

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ETFs, Investments

Global exposure growing in importance

SMSF allocation international assets

Having an investment allocation to international assets is increasing as a priority for SMSF trustees, according to the latest sector research.

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LRBA

New LRBA reporting requirements unclear

new LRBA reporting requirements

LRBA reporting instructions associated with the new superannuation measures bill may be self-defeating because the ATO is looking to capture too much information.

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ATO, Pensions

Confusion again surrounds death benefit pensions

treatment of death benefit pensions

A recent ATO update regarding the treatment of death benefit pensions that have failed to meet minimum pension standards has raised more questions for the sector.

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ATO, Compliance, Pensions

ATO concessions critical to avoid pension penalties

ATO concessions death benefit

Trustees of funds that have underpaid their death benefit income streams must first determine whether the ATO’s administrative concession applies to their situation, an SMSF online service provider says.

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LRBA

SMSF loans available, but heavily scrutinised

smsf loans

SMSFs are still able to find lenders willing to provide loans for a range of purposes, but borrowing arrangements are being closely examined by those offering the funds.

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ATO, Regulation

Sector angst over administrative penalties

SMSF administrative penalties

Recent events indicate the ATO has changed its approach to issuing SMSF administrative penalties for legislative breaches, with the development raising sector concerns.

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ASIC

ASIC bans Sam Henderson for three-years

ASIC bans Sam Henderson

ASIC has banned former high profile Sydney financial adviser Sam Henderson for three years after he failed to act in the best interest of clients and provide them with appropriate advice.

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