News

Legislation, Pensions, SMSF, Superannuation

Safe to act on legacy pensions now

SMSF members can act with confidence that any moves to exit a legacy pension now cannot be undone even if parliament winds back the changes later this year.

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Legislation

Crossbencher influence to increase

The influence of crossbenchers in the Senate will continue to be important when parliament resumes in February and is likely to be boosted following the looming federal election.

The influence of crossbenchers in the Senate will continue to be important when parliament resumes in February and is likely to be boosted following the looming federal election.

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Regulation

Scam protection campaign launched

The federal government has undertaken a new media campaign to protect Australians against the damage caused by financial scams.

The federal government has undertaken a new media campaign to protect Australians against the damage caused by financial scams.

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Trusts

Trust distribution recognition key

Understanding the accounting method an SMSF should apply to unit trust distributions is critical to producing accurate financial statements.

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NALI/NALE

LCR creates discount policy scrutiny

The application of discount policies for SMSF trustees may need further consideration following changes to rules regarding NALE.

The application of discount policies for SMSF trustees may need further consideration following changes to rules regarding NALE.

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financial advice

Dixon Advisory clients should be heard

A call has been made to allow clients who lost money in the Dixon Advisory collapse to be allowed to appear at the related Senate hearings.

A call has been made to allow clients who lost money in the Dixon Advisory collapse to be allowed to appear at the related Senate hearings.

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ASIC, ATO, Regulation

Financial regulation initiative launched

The government has unveiled a grid aimed at improving the regulation processes involving the Australian financial sector.

The government has unveiled a grid aimed at improving the regulation processes involving the Australian financial sector.

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ATO, Contributions, Tax

Contributions deduction error fixed

The ATO has corrected an error in its procedures with regard to allowing SMSF members to claim a tax deduction for personal contributions.

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Insurance, NALI/NALE

Specific NALE may apply to insurance

Life insurance premiums paid by an SMSF for a particular member may be considered specific NALE given they are not costs related to the general operation of the fund.

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ATO, Compliance

ATO names related-party funding concerns

Key risk factors that can arise in related-party funding arrangements have been flagged by the ATO for compliance activity if it identifies at least one of them is present.

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