News

ASIC, Auditing

ASIC disqualifies Victorian SMSF auditor

The Australian Securities and Investments Commission (ASIC) has disqualified Oscar Altavilla, of Victoria, from being an approved auditor of SMSFs for breaching independence and auditing standards, and otherwise not being a fit and proper person.

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Pensions, Superannuation

Market-linked pension commutations to be fixed

The federal government has announced it will amend superannuation legislation to find a permanent solution with regard to the transfer balance account treatment for individuals who have commuted a market-linked pension and commenced a new pension arrangement in its place.

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Accounting, Superannuation, Tax

Tax-effective accounting needed for TSB

SMSF practitioners must consider implementing tax-effective accounting when preparing annual accounts for an SMSF as this can determine a member’s total super balance (TSB), a technical expert has said.

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Investments, Regulation

Govt to launch franking credit inquiry website

The federal government will soon establish a website to encourage all concerned parties to express their views to the House of Representatives Standing Committee on Economics inquiry into the proposed removal of franking credit refunds for certain individuals.

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Pensions, Regulation, Superannuation

Franking ban to inflame age pension reliance

A new survey of investors has found nearly half of respondents, 44 per cent, expect to be more reliant on the age pension if the Labor Party’s proposed policy to ban excess franking credit refunds becomes a reality.

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ASIC, ATO, Education

ASIC, ATO to lift current SMSF trustee education

The Australian Securities and Investments Commission (ASIC) is working with the ATO to help consumers better understand the advantages and disadvantages of setting up and running an SMSF.

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Superannuation

Business wants super overhaul: report

An investigative report has found more than one-third of Australian businesses believe the current superannuation system should be overhauled for the future generation of workers and more than half want the system adjusted to remain relevant.

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Regulation, Retirement

Franking credit plan would hit low, middle earners

The Labor Party’s proposal to stop cash refunds of excess franking credits would impact on low and middle-income earners rather than just SMSFs as intended, according to the federal government.

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Compliance, Documentation

Recent court case a spur for EPOA review

SMSF advisers and trustees have been urged to take another look at their enduring power of attorney (EPOA) arrangements following a recent Queensland Supreme Court judgment.

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Investments

Diversification across defensive assets essential

Investor portfolios require a mix of defensive assets as each category has a role to play in today’s market, a boutique fund manager has said.

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