News

Administration, ATO

ATO to speed up establishment procedure

The time lag from when an SMSF is established to when it is able to receive contributions is going to be significantly shortened.

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Superannuation

Senate Committee divided on bill to lift SMSF member limit

A proposal to allow SMSFs to have six members has received support from a Senate committee despite calls from its ALP members to block the move.

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Education

CPD plan deadline looms

Advisers will not be required to complete a year’s worth of CPD by the end of June, but still must have a plan in place by the end of this month.

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Accounting, Financial Planning

IPA flags licence offering to help fill advice gap

The IPA is developing a licensing regime to help advisers make the shift into providing financial advice.

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LRBA

Bowen calls out govt for trailing banks on LRBA ban

The major banks have done more to reform LRBAs than the Federal Government, according to the Shadow Treasurer Chris Bowen.

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Tax

Contributions sweeteners predicted for budget

Positive changes to the contributions rules may be contained in this year’s federal budget as an election sweetener, according to SuperConcepts.

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ATO

SMSF wind-ups drop to historic lows

The latest ATO data has shown SMSF wind-ups have dropped to historic lows while the overall number of funds continues to climb.

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Pensions, Retirement

Why ECPI numbers on actuarial certificates don’t make sense

The requirements for exempt current pension income (ECPI) and actuarial certificates have been in place for nearly two years but their calculations can still raise questions for clients looking to understand how the actuarial percentage is derived for any unsegregated periods.

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LRBA, Superannuation

SMSFA suggests better LRBA risk reduction solution

The banning of limited recourse borrowing arrangements will not be needed if certain other measures are implemented to lessen the risks involved with this type of gearing, according to the SMSF Association.

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ATO, LRBA, Superannuation

Low balances, one-stop-stops still LRBA concerns

The ATO remains concerned about low balance SMSFs using LRBAs and the provision of advice related to the arrangements.

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