News

ATO

Relaxed TBAR regime welcomed

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The SMSF community has expressed its approval of the announcement from the ATO as to what the rules governing total account balance reporting (TBAR) for superannuation funds will be.

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Superannuation

Pension overpayments require vigilance

While the issue of SMSF members meeting their minimum pension payments has received much attention since the new super rules commenced, the overpayment of pension income is equally as crucial an area to monitor, a specialist industry law firm has warned.

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ATO

Pre-emptive strike on questionable strategies

A whistle.

The ATO’s warning on risky retirement planning arrangements, made recently as part of its Super Scheme Smart initiative, was carried out to prevent

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Documentation

Heffron releases certificate on BGL

SMSF administration developer BGL Corporate Solutions and SMSF specialist firm Heffron SMSF Solutions have announced the availability of Heffron’s actuarial certificate service through BGL Simple Fund 360.

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ATO

TBAR represents quantum shift for practitioners

The ATO processes that will implement the new super reforms mean advisers, accountants, tax agents and other professionals working with SMSFs must change and adapt to a new world of reporting, particularly the transfer balance account report (TBAR) regime.

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Regulation

SMSFs in the dark on MiFID reporting

There has been an influx of queries from SMSFs about the potential impact of the new Markets in Financial Instruments Directive (MiFID II) reporting regime as awareness remains low, according to APIR Systems.

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Regulation

SMSF Association looking at FASEA effects

The SMSF Association is currently in the process of examining what impact the new Financial Adviser Standards and Ethics Authority (FASEA) will have on its industry activities.

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Practice Management

Adopt best practice for TBAR

SMSFs reporting on an annual basis under the ATO’s transfer balance account report (TBAR) regime should still endeavour to lodge in a timely manner, a specialist industry lawyer has warned.

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ATO

CGT relief errors surfacing

Kasey Macfarlane

The ATO has already been notified about errors made in the calculation and implementation of the transitional capital gains tax (CGT) relief provisions contained in the super reforms.

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Accounting

Accountants and planners resisting merge

The opportunities and the commercial/client benefits arising from the converging of financial planning and accounting practices are too significant to ignore but many are reluctant to embrace this shift, according to Australian Wealth Solutions (AWS).

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