News

Pensions, Retirement, Superannuation

Poll indicates strong support for raising SG

superannuation; age pension; retirement

The majority of Australians are supportive of raising the rate of compulsory superannuation and believe the age pension alone will not meet their retirement needs.

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Administration, Superannuation

Regular processing crucial to SMSF compliance

SMSF administrators should consider processing funds on a monthly or quarterly basis in order to ensure better fund compliance with ATO requirements.

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ATO, Tax

Targeting of tax practitioners by TPB nets results

More than 6000 late lodgements of tax returns have been received from tax practitioners who were targeted for their non-compliance by the Tax Practitioners Board.

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Appointments, Regulation

Labor names new face in financial services role

The federal opposition has used the recent election to reshuffle its shadow ministry portfolios and, like the government, has selected a new face to deal with the financial services sector.

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ASIC, Financial Planning

Qld adviser banned for five years

A Gold Coast adviser who recommended the use of SMSFs to buy property has been banned after ASIC found the advice was not in the best interest of clients.

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ETFs

SSGA unveils ETF model portfolios

State Street Global Advisors will launch a suite of model portfolios powered by exchange-traded funds for Australian investors.

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Appointments, Platforms

Wealthtrac acquired by fintech firm

SMSF technology firm Wealthtrac has been acquired by Spitfire Corporation, which has expanded its leadership team by appointing two executives.

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Documentation, Strategy

Abbott to seek funds, continues political push

Man taking money out of wallet for crowdsourcing

SMSF expert Grant Abbott will seek crowdsourced funding to expand his fledgling document business and has also committed to growing his recently launched political party.

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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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