News

Superannuation

SMSF sector better for economy than industry funds

The rapid growth of the SMSF sector is proof of its potential to outshine industry super funds, an SMSF expert says.

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Administration, Regulation

SMSF administrator calls for SuperStream clarity

An SMSF stakeholder has called for clarity on what funds should do about the introduction of SuperStream now its implementation date has been postponed.

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Pensions, Retirement, Superannuation

Super growth reducing age pension drawdown

The growth of superannuation assets has resulted in less than half of new retirees drawing on the age pension last year, and only one-quarter accessing the full amount available to them.

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ASIC, ATO, Compliance, Regulation

Evidence needed to back SMSF review calls

SMSF; review

Calls for a review of the SMSF sector need to be backed with evidence, the SMSF Association has stated, pointing out four reviews have yet to flag major concerns.

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Education, FASEA

Document familiarity critical in FASEA exam

Advisers have recommended their peers be familiar with the location of information in the documents supplied in the FASEA exam to save time and complete the exercise.

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Property, Tax

SMSF valuers create shield against ATO penalties

SMSFs can avoid potential ATO penalties related to an incorrect valuation by using a qualified valuer familiar with these types of funds.

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ATO

ATO adds new online services for SMSFs

The ATO has added new features to the federal government’s online service, myGov, giving SMSF members more visibility over their super transactions.

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ETFs

Vanguard drops ETF fees

The yearly fee associated with one of Vanguard Australia’s most popular ETF products has been cut by several basis points.

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Superannuation, Tax

Super taxes won’t be reviewed

review: superannuation; retirement

The federal government has indicated the review it will conduct into the superannuation system will not examine the taxation of retirement benefits.

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ATO

ATO developing online trustee test

The ATO is developing a mandatory awareness program to ensure an SMSF trustee can understand their obligations before they run their own super fund.

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