News

Accounting, ATO

New SMSFs favour specialists over generalists

New business generated by specialist SMSF firms is nearly three times that of generalist practices as new SMSFs prefer specialists, especially those with a larger number of funds, research released this week revealed.

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ATO, Regulation

SMSF sector in good shape: ATO

The ATO has given the SMSF sector a clean bill of health amid the super reform challenges as it looks to lift trustee education and literacy in the next 12 months.

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Accounting, Documentation, Regulation

TBAR will raise technology use by accountants

Transfer balance account report (TBAR) requirements will force accountants to refocus on how they will use technology in their practices to service their SMSF clients, a technical expert has said.

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Documentation, Estate Planning

Control of fund key to estate plan

The person who assumes control of an SMSF upon the death of a trustee or member is the most important factor in guaranteeing the benefits of the deceased are distributed to the desired recipients, a specialist SMSF lawyer has said.

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Compliance, Investments, Regulation

SMSF segregation switching to attract ATO scrutiny

tax advice

Superannuation regulations permit investment segregation to be used in an SMSF subject to the ‘fair and reasonable’ standards, however, behaviour intended to manipulate tax outcomes, specifically setting up a second SMSF, will bring ATO scrutiny.

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Regulation, Tax

Case for franking ban not strong: IPA

The Institute of Public Accountants (IPA) has reiterated its rejection of an excess franking credits ban as it prepares to appear before a parliamentary committee public hearing on the implications of the proposed policy.

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Investments, Pensions, Retirement

Retiree focus on drawdown key

The issue of drawdowns during pre-retirement and pension phase needs greater attention, though investors are beginning to better acknowledge the risks, according to Lazard Asset Management.

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Regulation, Tax

FSC opposes scrapping of imputation credit refunds

The Financial Services Council (FSC) has called for a moratorium on adverse changes to the superannuation system, including changes to franking credit refunds.

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Regulation, Retirement, Superannuation

Draconian franking credit policy risks recession

A fund manager has warned Australia faces the prospect of its first economic recession in almost three decades if the Labor Party introduces its dividend imputation policy if it wins the next election.

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ATO

ATO expects gradual drop in SMSF reserves

The ATO has revealed the number of SMSFs with reserves has decreased and anticipates the trend will continue, with the SMSF regulator looking to benchmark this data year by year.

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