News

Superannuation, Tax

Govt funds own Div 296 operation

Div 296 tax Defined benefit interests Federal budget SMSF Association

The government will spend more than $10 million to implement the proposed Division 296 tax on defined benefit interests.

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financial advice, Financial Planning

Budget fails to address advice issues

Budget Financial Advice Association Australia FAAA compensation scheme of last resort ASIC levy Advice fees tax deduction Dixon Advisory

Industry bodies have criticised the government for continuing to neglect key industry concerns in handing down the 2024/25 federal budget.

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Pensions, Tax

Deeming rates freeze continues

Deeming rates Age pension Social security SMSF

Social security deeming rates will remain locked at their current level boosting income available to age pension recipients.

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Superannuation

Industry backs paid parental leave super

Paid parental leave Superannuation Federal budget

The decision to pay superannuation on paid parental leave has been widely supported as an effective measure to close the gender gap in retirement for women.

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Compliance, Investments, Property, SMSF

Property development loans add risk

Property development NALI Loans Guarantees SMSFRB 2020/1

SMSF trustees who provide a guarantee for a property development project loan may expose the fund to non-arm’s length income penalties.

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ASIC, Compliance

AFSL cancelled due to adviser misconduct

ASIC Australian financial services licence AFSL Octillion Partners SMSF advice Shane Allen Rose

ASIC has cancelled the license of a Queensland-based advice firm due to the non-compliant activities of one of its SMSF advisers.

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ATO, Compliance, Documentation, SMSF

Record keeping reminder issued

SMSF trustees Record keeping Annual returns

SMSF trustees need to be aware of the annual return lodgement date and check how current fund records and the information provided to the ATO are.

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financial advice

Qualified advisers could grow specialist pool

Stockbrokers and Investment Advisers Association Financial advice UniSuper Andrew Gregory Euroz Hartleys Amanda Bryce

The introduction of the qualified adviser into the industry could be the catalyst for increasing specialised practitioners in the future.

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SMSF, Superannuation, Tax

Div 296 tax draft bills approved

Division 296 SELC Senate Economics Legislation Committee Better Targeted superannuation Concessions

A Senate committee reviewing the draft Division 296 tax bill has recommended it be passed without any suggested amendments.

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SMSF, SMSFA, Superannuation, Tax

Stance on Div 296 tax disappointing

SMSF Association SMSFA Peter Burgess Senate Economics Legislation Committee Division 296 Better Targeted superannuation Concessions

The SMSF Association has labelled a Senate committee’s support for the proposed Division 296 tax as it stands disappointing.

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