News

ATO, Superannuation

ATO issues super access guidance

The ATO has warned SMSF trustees about the seriousness of accessing their superannuation benefits illegally.

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ASIC, Superannuation

SMSF adviser cops 10-year sentence over conduct

An adviser banned by ASIC has also been sentenced to 10 years’ imprisonment on eight counts of engaging in dishonest conduct.

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Education, Financial Planning

FASEA to fast-track diploma, bridging course approval

Graduate diplomas and bridging courses will receive priority assessment from FASEA, which has announced it will begin accrediting education courses and providers.

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Compliance, Strategy

Six members may require corporate trustee

Topdocs estate planning

Having a corporate trustee may be the only solution for some SMSFs wanting to increase the number of fund members to the maximum of six.

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ETFs, Investments

SMSFs remain ETF pioneers

SMSFs continue to drive flows into new asset classes offered by exchange-traded funds even though they now represent a smaller amount of overall capital managed by these investment structures.

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Administration, Auditing

Audit caution more likely with unlisted assets

Recent court cases are likely to temper how auditors view unlisted assets inside an SMSF portfolio.

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Tax

CGT, franking credit changes to reduce share gains

Proposed changes to franking credit refunds and capital gains tax will reduce the long-term gains from equities for those already paying high rates of tax.

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Regulation, Superannuation

SMSFA rejects sector inquiry call

Sign reading caution as warning on use of corporate trustee stuctures in SMSFs

The Australian Council of Trade Unions’ call for an inquiry into SMSFs has been labelled totally unwarranted by the sector’s peak body.

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ETFs, Investments

Diversification driving SMSF ETF usage

A means of diversification is the top reason as to why SMSF trustees invest in exchange-traded funds, a new research report has indicated.

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Accounting, ATO, Documentation

Accountants should use peers for SMSF paperwork

Accountants should consider using their peers to produce financial statements for their own SMSFs to avoid raising flags with the ATO.

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