News

Superannuation, Tax

Watch Div 293 payment timing

Division 293 tax Release authority SuperStream SMSF Heffron Meg Heffron

SMSF members required to pay a Division 293 tax bill have been cautioned not to act too quickly and to follow the correct ATO process.

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ASIC, Investments

Mayfair director arrested for dishonest conduct

ASIC James Mawhinney Mayfair 101 IPO Wealth Fund dishonest conduct

Following a day of court action to strike out parts of an ASIC case against him, Mayfair 101 managing director James Mawhinney has been charged with dishonest conduct.

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ATO, Compliance, Property, Regulation

ATO hot on rental property expenses

Rental property Deductions ATO NALI

The ATO is currently focusing on deductible expenses associated with investment properties with regard to its compliance enforcement procedures.

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Legislation, Pensions, Tax

$3m cap non-indexation will create confusion

Indexation Division 296 tax Total superannuation balance Transfer balance cap

As the proposed Division 296 tax will not be subject to indexation, the $3 million cap will likely be surpassed by other superannuation thresholds that are indexed.

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financial advice, Superannuation

Super advice fee change urgent

Superannuation Financial advice Joint Associations Working Group JAWG Advice fees Trustees

A group of 12 industry bodies has called on the government to change the proposed process by which advice fees from super are approved, claiming it will add more cost and complexity.

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ASIC

Mayfair seeks to strike out ASIC case

ASIC Mayfair 101 James Mawhinney Federal Court Michael Pearce

Mayfair 101 has moved to strike out part of ASIC’s case against its managing director and has rejected attempts to drop key evidence related to his overturned 20-year ban.

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AFCA

Financial hardship complaints rise in 2023

Financial hardship Financial difficulty AFCA Complaints Lenders

AFCA has expressed concerns about financial firms neglecting to address requests for hardship assistance after receiving a substantial number of complaints in this area throughout 2023.

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Administration, ATO, Auditing

Diversification needs audit focus

Diversification Investment strategy Auditors ATO Auditor contravention report

The ATO has specifically expressed what it expects from auditors with regard to reviewing the diversification of an SMSF investment strategy.

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Administration, ATO, Compliance, SMSF

CM&C critical for fund status

Residency SMSF Central management and control test ATO

The ATO has ruled that an SMSF with an inactive member living overseas and unable to meet the central management and control test themselves was still a complying fund for concessional taxation purposes.

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Retirement, Superannuation

Financial security drives retirement contentment

Retirement income products Retirement Financial advice Challenger

A majority of senior Australians nominated the ability to fund their retirement independently as a key factor in determining their level of happiness.

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