News

LRBA

LRBA issue showing improvement

LRBA SMSFs

A commercial property financier has said the problem of SMSFs being established specifically to invest in property using a limited recourse borrowing arrangement (LRBA) is showing signs of waning.

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ATO

ATO gets serious with admin penalties

ATO administrative penalties

The ATO has changed its approach to the use of administrative penalties and trustees need to be aware of the implications, an SMSF expert says.

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ASIC, Auditing

ASIC acts on SMSF auditor misconduct

ASIC SMSF auditors misconduct

ASIC has disqualified two SMSF auditors and added conditions to the registration of another following referrals from the ATO.

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Accounting, Regulation

Accountants’ exemption no longer supported

accountants’ exemption

Three major accounting bodies will work together to create a simplified financial advice model, but will not consider a return to the limited licensing regime.

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Pensions, Superannuation

Resolutions or agreements on death not binding

Pension resolutions agreements

A specialist lawyer has warned instructions as to the treatment of an existing pension upon a member’s death may not be legally binding if made via a resolution or a contractual agreement.

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Superannuation

Action needed on Division 7A loans

Division 7A loans SMSFs

Despite changes to Division 7A loans not starting until mid-2020, SMSFs should aim to pay them off rather than be saddled with a more restrictive regime.

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Regulation

Financial services complaints rise

AFCA financial complaints

AFCA has revealed a 40 per cent increase compared to last year in the number of complaints received from Australians in dispute with financial institutions.

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FASEA

FASEA to hit entire SMSF practitioner space

FASEA to hit entire SMSF practitioner space

Practitioners servicing SMSF clients but not providing advice will still be affected by the changes resulting from the Financial Adviser Standards and Ethics Authority education requirements, according to a senior industry executive.

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ATO, Property

DomaCom gets sole purpose guidance from ATO

DomaCom sole purpose ATO

DomaCom has received guidance from the ATO on how SMSFs can satisfy the sole purpose test when a property investment is rented by a related party of the fund.

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Pensions, Superannuation, Tax

Trustees still not clear on TBCs

Trustees still not clear on transfer balance caps

The tax implications of TBCs are still not understood by many trustees, an SMSF expert says.

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