News

Compliance, Investments

SPT compliance about motives

Motivation Investments Sole purpose test SMSF

Compliance with the sole purpose test is reliant upon the reasons behind making a particular investment rather than the assets in question.

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ATO, Compliance, financial advice

ATO recovers $30m in tax from advisers

ATO ATO tax avoidance taskforce adviser strategy Financial advisers Tax liabilities

An ATO project set up under the auspices of the Tax Avoidance Taskforce has recouped almost $30 million in overdue liabilities from advisers and advisory firms.

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Aged Care, Superannuation

Call for super to fund aged care

Superannuation Aged care funding Aged Care Financing Taskforce

A government-appointed taskforce has recommended those with higher superannuation balances should fund their aged-care requirements as this is consistent with the objective of super.

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Compliance, financial advice, Retirement, SMSF

Be clear on conflicted SMSF advice

SMSF conflict of interest related entity DBA AFCA

A recent case before AFCA has highlighted the need for SMSF advisers to keep clear records about investment advice particularly where conflicts of interest may be involved.

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SMSFA, Superannuation

SMSFA backs parental leave super

SMSF Association Paid parental leave Federal government Superannuation

The SMSF Association has thrown its support behind a federal government plan to pay super on paid parental leave for eligible parents from 1 July 2025.

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ATO, Compliance, Regulation

ATO bans 149 SMSF trustees

ATO Disqualification SMSF trustees

Close to 150 SMSF trustees were disqualified in the December quarter 2023, marking a substantial decrease in barred trustees compared to the previous three-month period.

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Pensions, Retirement, Superannuation

Annuity design flaws addressed

Annuities Retirement income products challenger Mercer

Annuities are showing an increase in popularity among retirees since providers of these products have addressed some of the associated design issues.

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Investments, SMSF

Female engagement underestimated

AUSIEX SMSF Female investors women investors Trade Brett Grant

Female SMSF investors are likely to be more engaged and active than currently perceived, with the role of advice key in expanding their behaviour.

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ATO, Compliance, SMSF

SMSF businesses draw SPT focus

SMSF business sole purpose test ATO Accurium Anthony Cullen

Running a business inside an SMSF will attract intense ATO scrutiny to ensure the action does not breach the sole purpose test.

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AAT, ATO, Superannuation

AAT case shows foreign transfer difficulty

AAT ATO Foreign transfer Superannuation

Conflicting superannuation and taxation rules between two countries can make foreign super transfers a difficult and complex process.

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