News

Investments, Retirement

Hub24 platform to include Challenger annuities

Hub24 and Challenger have announced they are working together to provide Challenger annuities on the Hub24 platform for advisers and clients.

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Administration, Compliance

Traps to avoid when setting up an SMSF

The number of Australians establishing SMSFs has been rising consistently since an amendment to the Superannuation Industry (Supervision) Act 1993 in 1999 allowed for SMSFs to be controlled by trustees rather than the federal government.

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Residential Property

DomaCom gets Federal Court victory

Fractional property investment house DomaCom has had the full Federal Court hand down a favourable decision with regard to the leasing to a related party of a property held in a sub-fund where an SMSF is the owner of units in the sub-fund.

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Regulation, Strategy, Superannuation

SMSFs must keep constant NALI watch

SMSF advisers and trustees must be mindful of the new non-arm’s-length income (NALI) rules when assessing fund strategies so as not to pay maximum levels of taxation, a sector expert has said.

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ATO, Regulation, Superannuation

SMSFs should share SuperStream costs

Extending the operation of SuperStream to SMSF rollovers will inflate costs for Australian Prudential Regulation Authority (APRA)-regulated funds, with little or no cost burden falling on the SMSF sector, according to an industry body.

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Regulation

PC findings will feed negative SMSF stereotypes

The Productivity Commission’s finding that SMSFs with balances below $1 million are not cost-effective and underperform has fuelled misinformation about SMSFs, potentially increasing anxiety among SMSF members and deterring possible new fund owners, according to an SMSF expert.

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Retirement

Behaviour the retiree spending driver

Retirement specialist Milliman has released new research suggesting falling retirement spending is the result of behavioural factors rather than declining incomes.

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ATO, Compliance, Regulation

TBAR a potential TSB solution

It may be beneficial for SMSF members to calculate and record their total super balance (TSB) as at 30 June 2017 via a transfer balance account report (TBAR) rather than by way of the fund’s annual return, particularly if their retirement savings assets are close to $1.6 million, a technical expert has said.

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Auditing, Regulation

Three-year audit cycle risks auditor liability

The federal government’s proposal for a three-year SMSF audit cycle could increase the risk of auditor liability, with each error potentially being of greater magnitude, according to a lawyer.

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ASIC, Auditing

ASIC reports on SMSF auditor outcomes

The Australian Securities and Investments Commission (ASIC) has removed 76 SMSF auditors from its register since becoming a co-regulator of the SMSF sector in 2013, according to an ASIC report released today.

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