News

ATO, Financial Planning

Advice key to rising SMSF establishment balances

SMSF establishment balances rise

The rise in SMSF establishment balances revealed in the latest ATO statistics reflects a vast improvement in the level of financial advice within the sector, the SMSF Association says.

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Superannuation

SMSF balances highlight need for TBC

SMSFs transfer balance cap

SMSFs drawing high levels of tax free income in the past have been held up by a superannuation body as a reason for the introduction of the transfer balance cap in 2017.

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Regulation

NALI statutory income clarification expected

NALI statutory income

The legislation governing non-arm’s-length income is set to be amended to make the treatment of capital gains easier to understand.

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Documentation, Pensions, Retirement

Trust deeds key to TRIS status in retirement

retirement phase TRIS

Trustees should pay close attention to their SMSF trust deeds to ensure members converting to retirement phase still benefit from TRIS regulations, an SMSF expert says.

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Accounting, Estate Planning

Estate planning ripe for accountant involvement

accountants estate planning

SMSF accountants should consider offering estate planning services to clients as few other groups are currently meeting their need for advice.

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ASIC, Auditing

ASIC disqualifies auditors in crackdown

ASIC disqualifies auditors

ASIC has moved against 17 SMSF auditors, disqualifying some and placing additional conditions on others following concerns they were not meeting professional obligations.

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Accounting, Education, FASEA

FASEA exam offers licensing window for accountants

FASEA exam accountants

Accountants who are not licensed to provide SMSF advice should complete the FASEA exam to prevent having to requalify from scratch in the future.

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Administration, ATO

ATO addresses ineligible downsizer contributions

ineligible downsizer contributions

The ATO has highlighted the correct administration process for ineligible downsizer contributions for SMSF trustees.

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Financial Planning, Investments

Investment decisions challenging trustees the most

investment decisions trustees

Choosing specific assets and investments is the most difficult decision trustees face in running their SMSF, research has shown.

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Education, FASEA

FASEA approves CPA, CAANZ education credits

FASEA accounting education credits

FASEA has confirmed coursework related to professional accounting designations will count towards its mandatory education standards for financial advisers.

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