News

Accounting, Tax

Numbers for cap on tax advice based on wrong data set

tax advice

Calls to cap deductions for costs related to tax advice have been based on inaccurate and limited data.

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Superannuation, Tax

Franking credit policy should be for all superannuation funds

Any changes to franking credit policy should be applied at an individual level across all superannuation funds if it is to be non-discriminatory.

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ATO, Superannuation

ATO outlines SMSF implications of super reforms

The ATO has identified the SMSF implications of the Protecting Your Super reforms that will come into effect from 1 July 2019.

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Appointments

SuperConcepts restructures leadership team

SMSF administrator Superconcepts has announced a major reshuffle to its executive team including COO and CFO.

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ASIC

ASIC revokes authorisations of ‘doubly registered’ licensees

Fifty eight licensees who were authorised with another licensee have fallen foul of ASIC which has revoked their authorisations.

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ATO, Compliance

Care needed over contribution refunds

POpening wallet to pay a refund

Following the prescribed legal manner as to how to refund a contribution made or accepted in error is critical from a compliance perspective.

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Administration, ATO

ATO updates guidance on fund error disclosure

The ATO has requested that funds making voluntary disclosures over errors disclose how they may have occurred, who was responsible and what had been done to tackle the problem.

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Investments, Markets

Franking credit move to have little market impact

The proposed changes to franking credit rules will have a minimal impact on share market volatility as most investors will be unaffected by the changes.

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ATO

ATO flags TBAR over-reporting

Exclamation marks as warning signs against over-reporting information to ATO

SMSF trustees and their tax agents have been advised by the regulator of certain items and events that should not be included in their transfer balance account report.

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Financial Planning, Pensions

End-of-year pension planning too late

Advisers looking at pension planning for the current financial year may have left it too late and should shift it to the start of the new year.

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