News

Appointments, Platforms

Wealthtrac acquired by fintech firm

SMSF technology firm Wealthtrac has been acquired by Spitfire Corporation, which has expanded its leadership team by appointing two executives.

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Documentation, Strategy

Abbott to seek funds, continues political push

Man taking money out of wallet for crowdsourcing

SMSF expert Grant Abbott will seek crowdsourced funding to expand his fledgling document business and has also committed to growing his recently launched political party.

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ATO, Regulation

ATO incorporates social media in enforcement action

Social media has emerged as one of the means the ATO is using to toughen up its enforcement activities against the provision of illegal SMSF advice.

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ATO, Tax

TBAR cancellation errors avoidable

The ATO has warned that incorrect information in a cancellation TBAR will only create further reporting for trustees and suspend the cancellation.

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Property, Strategy

Division 7A changes pose potential trustee risk

SMSFs with related-party loans should be wary of a range of changes slated for Division 7A loan rules.

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ATO, Tax

ATO making progress with annual return lodgement

FASEA; education; tool

An ATO program to improve compliance practices among SMSF trustees has led to an increase in the lodgement of annual returns.

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Pensions, Superannuation

Overdue super and pensions review welcomed

Calls by the Treasurer for a review of the retirement income system have been welcomed, but such a probe has been labelled as overdue.

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Property, Superannuation

Super contributions better option than negative gearing

Concessional contributions into super are lower risk than negative gearing into property, despite many investors favouring the latter strategy.

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Superannuation

SMSF assets approach $750b mark

SMSF assets grew by 4.5 per cent in the year to the March quarter, coming close to hitting $750 billion, according to the latest APRA statistics.

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ATO, Superannuation

ATO protects $45m of super this year

SMSF; review; industry fund

In the current financial year, the ATO has protected $45 million in superannuation benefits due to its compliance and enforcement activities.

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