News

Administration, ATO, Auditing

ATO will do best to administer audit policy

The tax office has said it will administer the proposed three-year audits for qualifying SMSFs as well as it can, but has revealed it has received mixed views on the measure.

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Investments, Portfolio Construction

BT reports strong SMSF managed account appetite

Around one-quarter of all managed accounts opened on the BT Panorama platform are through SMSFs, while funds under administration (FUA) on BT’s broader Panorama managed accounts solution have jumped 250 per cent year on year.

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Regulation, Superannuation

Treasury releases work test exemption draft laws

The federal government has released draft legislation and regulations that will provide a one-year exemption from the work test for super contributions to allow recent retirees to boost their super balances.

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Financial Planning, Regulation, Superannuation

Seismic change predicted from royal commission

The banking royal commission’s final report will likely be the catalyst for unprecedented change in the financial services industry, an industry executive has said.

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Accounting, Financial Planning, Regulation

Gross incomprehension over accountants’ exemption

Recent lobbying efforts for the reinstatement of the accountants’ exemption have revealed many practitioners have failed to understand the original framework, according to an SMSF industry body.

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Accounting, Regulation

Fund accounting can deliver TSB gain

Using tax-effect accounting when preparing the financial statements of an SMSF can be of benefit when determining a member’s total super balance (TSB), according to a superannuation technical expert.

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Auditing

SMSFA members reject three-year audit cycle

An SMSF Association member survey has found significant opposition toward the proposed introduction of a three-year audit cycle for SMSFs with a good compliance history.

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Regulation

FSC admits to sector cultural issues

The Financial Services Council (FSC) has acknowledged the conduct of financial services providers has been unacceptable over many years and the sector needs an urgent cultural transformation.

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Pensions

Pension conversions and death benefit pensions

Some doubt has been expressed about the ability of a member to use a binding death benefit nomination (BDBN) to convert their non-reversionary pension into a reversionary pension.

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Financial Planning, Regulation

Interim report questions key advice concerns

tax impact; franking credits

The royal commission into banking, superannuation and financial services has identified greed and the “pursuit of short term profit at the expense of basic standards of honesty” as the reasons for the misconduct, and highlighted several issues for the financial advice sector.

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