News

Auditing

Audit work concentrated in hands of few

SMSF auditors, audit fees, ATO statistics, statistical overview, self-managed super fund

A few hundred practitioners audit the lion’s share of SMSFs each year, but continue to charge relatively low fees for their work.

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Legislation, Tax

Div 296 bill remains in limbo

Better Targeted Superannuation Concessions and Other Measures, Division 296 tax bill, Institute of Financial Professionals Australia, Michaelia Cash, unrealised capital gains

The Division 296 tax bill has proceeded no further in the Senate after the government did not include it in the order of business for the current sitting period.

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ETFs, Fixed Income

Janus Henderson adds fixed-income ETF

Janus Henderson Investors has unveiled a new ETF focused on fixed income, allowing investors to capitalise on renewed opportunities in the asset class.

Janus Henderson Investors has unveiled a new ETF focused on fixed income, allowing investors to capitalise on renewed opportunities in the asset class.

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Investments, SMSF, SMSFA

SMSFs outperform APRA funds

SMSF, performance, APRA, Australian Prudential Regulatory Authority, SMSF Association, University of Adelaide, International Centre for Financial Services, rate of return, Dr George Mihaylov, SMSF balance, Peter Burgess, financial advice, ATO SMSF statistics, returns

New research has found SMSFs outperformed APRA-regulated funds over a five-year period and balances continue to shape individual returns.

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Property

Eligible interest a must for BRP

eligible interest, real estate, business real property, SMSF, self-managed superannuation, Accurium, Natalie Scott, business use, SMSFR 2009/1

For an asset to meet the definition of business real property for superannuation purposes, an SMSF must be deemed to have an eligible interest in it.

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ART, ASIC, ATO, Auditing, Regulation

Adviser and auditor banned

Financial Services and Credit Panel, FSCP, SMSF auditor, ASIC, Administrative Review Tribunal, ART, Glenn Paul Meilak, Terence Murphy

Two separate actions have led to an SMSF adviser and a qualified auditor being banned from practising for failing to maintain the standards expected of them.

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ETFs, Investments

Global X launches US small-cap ETF

Global X Russell 2000, Russell 2000 Capped Index, Australian Securities Exchange, ASX, Mirae Asset Financial Group, Billy Leung, small-cap stocks, ETF

Global X has launched the first ETF tracking the Russell 2000 Capped Index on the Australian Securities Exchange.

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Investments

Investment strategy must be practical

Multiple investment strategies

Accountants and advisers must consider the practical implications before employing multiple investment strategies within a single SMSF.

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Contributions, Insurance, Superannuation

Clarity needed on insurance benefits status

Clarification is needed on the treatment of life insurance benefits inside superannuation after a draft tax ruling stated they could be viewed as income or contributions.

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Accounting, Legislation, SMSF, Superannuation, Tax

Trust low over ALP super policy

The latest research into consumer sentiment regarding superannuation policy has shown a distinct distrust in the government among Australians.

The latest research into consumer sentiment regarding superannuation policy has shown a distinct distrust in the government among Australians.

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