News

Business News

Financial industry excellence rewarded

The Institute of Financial Professionals Australia hosted the second annual Australian Financial Industry Awards last Friday in Sydney.

The Institute of Financial Professionals Australia hosted the second annual Australian Financial Industry Awards last Friday in Sydney.

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Retirement

Serious retirement savings gap noted

Many Australians could be substantially underprepared for retirement, according to research by Fidelity International.

Many Australians could be substantially underprepared for retirement, according to research by Fidelity International.

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Division 296, SMSF, Superannuation, Tax

Div 296 will still segregate tax bills

The treatment of capital gains under the Division 296 impost will not change, with individuals unable to offset personal tax with that paid by their fund.

The treatment of capital gains under the Division 296 impost will not change, with individuals unable to offset personal tax with that paid by their fund.

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Auditing, Commercial Property, Property

BRP basics causing ATO angst

The ATO has noticed some fundamental flaws regarding audit files dealing with SMSF-owned business real property involving related parties.

The ATO has noticed some fundamental flaws regarding audit files dealing with SMSF-owned business real property involving related parties.

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Pensions

Commutations can create pension failure

SMSF members adhering to pension payment rules may still breach them by failing to properly commute an income stream.

SMSF members adhering to pension payment rules may still breach them by failing to properly commute an income stream.

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Compliance, Regulation, Superannuation

Complex super rules cost thousands

Australians could be retiring with thousands of dollars more if the superannuation system was simplified.

Australians could be retiring with thousands of dollars more if the superannuation system was simplified.

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financial advice, Financial Planning, SMSF

SMSFs classed as risky in new framework

A new framework has been put forward that will simplify the provision of advice, but ranks SMSFs as complex and risky.

A new framework has been put forward that will simplify the provision of advice, but ranks SMSFs as complex and risky.

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Contributions

Downsizer ownership rules can be strict

The ownership rules required to be satisfied before an SMSF member can make a downsizer contribution can be inflexible in some scenarios.

The ownership rules required to be satisfied before an SMSF member can make a downsizer contribution can be inflexible in some scenarios.

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Documentation, SMSF

Wind-up documents often forgotten

Advisers and trustees can forget key documents when winding up an SMSF, requiring extra vigilance from auditors with these funds.

Advisers and trustees can forget key documents when winding up an SMSF, requiring extra vigilance from auditors with these funds.

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Appointments

FAAA announces new board members

The Financial Advice Association Australia has appointed two new board members to replace outgoing directors and made one reappointment.

The Financial Advice Association Australia has appointed two new board members to replace outgoing directors and made one reappointment.

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