News

ATO, Regulation

ATO incorporates social media in enforcement action

Social media has emerged as one of the means the ATO is using to toughen up its enforcement activities against the provision of illegal SMSF advice.

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ATO, Tax

TBAR cancellation errors avoidable

The ATO has warned that incorrect information in a cancellation TBAR will only create further reporting for trustees and suspend the cancellation.

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Property, Strategy

Division 7A changes pose potential trustee risk

SMSFs with related-party loans should be wary of a range of changes slated for Division 7A loan rules.

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ATO, Tax

ATO making progress with annual return lodgement

FASEA; education; tool

An ATO program to improve compliance practices among SMSF trustees has led to an increase in the lodgement of annual returns.

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Pensions, Superannuation

Overdue super and pensions review welcomed

Calls by the Treasurer for a review of the retirement income system have been welcomed, but such a probe has been labelled as overdue.

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Property, Superannuation

Super contributions better option than negative gearing

Concessional contributions into super are lower risk than negative gearing into property, despite many investors favouring the latter strategy.

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Superannuation

SMSF assets approach $750b mark

SMSF assets grew by 4.5 per cent in the year to the March quarter, coming close to hitting $750 billion, according to the latest APRA statistics.

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ATO, Superannuation

ATO protects $45m of super this year

SMSF; review; industry fund

In the current financial year, the ATO has protected $45 million in superannuation benefits due to its compliance and enforcement activities.

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LRBA

Adviser interest in LRBAs rebounds

Interest in LRBAs for SMSFs has been high following the coalition’s election win, with one broker predicting the return of banks to the lending market.

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ASIC, Regulation

Licence applicants face difficulties on PI cover

Advice licence applicants are facing trouble in getting approved due to difficulties in securing PI insurance, according to a financial services legal firm.

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