News

ATO, Compliance, Contributions

Take action on excess contributions

ATO Non-concessional contributions Excess concessional contribution Contribution caps

Trustees making a concessional contribution over the cap limit could face tax and compliance issues if they take no action to withdraw it from the fund.

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Education, financial advice

Improved new adviser pathway proposed

Joint Associations Working Group JAWG Financial advice New entrants Education pathway

The Joint Associations Working Group has proposed improvements to the pathway for new entrants to the advice sector, including specialist areas of study.

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Legislation, SMSFA, Tax

Div 296 hearing disappointing

SMSF Association Division 296 tax Senate

The SMSF Association has labelled its time at a Senate inquiry into the proposed Division 296 tax as disappointing with limited time to address problems with the draft legislation.

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Administration, ATO, SMSF, Tax

Confusion over education deductions

Education expenses Deduction ATO Taxation ruling

SMSF trustees are still attempting to claim certain education expenses as deductions despite recent ATO guidance on the matter.

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ATO, Crypto Assets

SMSF crypto losses raise alarm

ATO SMSF Cryptocurrencies digital assets losses scams

The ATO has warned SMSF trustees to remain vigilant and consult professional advice when investing in cryptocurrencies after witnessing ongoing losses by funds holding them.

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Investments, Platforms

Platforms add Vanguard managed funds

Vanguard Australia Hub24 Netwealth Managed accounts

Advisers using the Hub24 and Netwealth investment platforms will now be able to access Vanguard’s range of managed account strategies.

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Appointments, financial advice

FSC expands to include advice licensees

Financial Services Council Appointment Board of directors advice licensees membership

The FSC has expanded its membership to include financial advice providers, adding two licensee heads to its board of directors.

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Investments, SMSF, SMSFA

Little benefit in performance test

Performance test SMSF SMSF Association Investment strategy

Extending a performance test applied to APRA-regulated funds to the SMSF sector would add red tape and increase costs without any benefit.

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Death benefits, SMSF, Strategy, Tax

Consider deduction instead of wind-up

SMSF Death benefit Future services deduction Death Disability Wind-up

Trustees should consider a lesser-known tax deduction as a viable alternative to closing down their SMSF when a member is approaching a death or incapacity event.

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ASIC, Compliance, SMSF

Macquarie fined over SMSF fees

ASIC SMSF Macquarie Bank Federal Court Unauthorised fees Ross Hopkins Cash management accounts

Macquarie Bank has been ordered to pay $10 million in fines after failing to prevent unauthorised fee transactions from its clients’ SMSF accounts by a third party.

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