News

ETFs, Investments

Offshore investment trades rise: report

During the first half of the year, SMSFs increased their international share trades by 30 per cent, demonstrating their continued appetite to expand offshore investments, the latest CommSec “SMSF Trading Trends Report” has found.

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Compliance, Property, Strategy

ATO to keep close tabs on property sole purpose

There may be no general prohibition against SMSFs investing in property development, but given the regulatory rules, it is very difficult for SMSFs to maintain compliance, a lawyer has warned.

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Strategy

Franking credit benefit from excess contributions

Advisers should consider a strategy of having SMSF clients deliberately exceed both their concessional and non-concessional contributions caps to ensure the effective use of any franking credits available to the fund, a strategy specialist has said.

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Superannuation

Diversified super funds weathered GFC

Superannuation members whose assets were diversified across a range of categories had experienced markedly stronger returns in the 10 years since the global financial crisis (GFC) compared to those in a cash option, according to the Association of Superannuation Funds of Australia (ASFA).

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ASIC, Auditing, Regulation

Audit go-ahead spotlights auditor registration

Chartered Accountants Australia and New Zealand (CAANZ) and CPA Australia have indicated should the triennial audit cycle for eligible SMSFs proceed, the Australian Securities and Investments Commission (ASIC) may need to review its auditor registration requirements.

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ATO, Regulation

Reserve use still on ATO radar

The ATO has warned it will take firm action either under Part 4A of the Income Tax Assessment Act or the sole purpose test if it finds artificial arrangements where SMSF members attempt to utilise reserves to circumvent caps.

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Property, Strategy

Market ripe to transfer, acquire business premises

Specialist commercial property lender Thinktank Group has said market conditions are attractive for small-to-medium size enterprises (SME) to acquire their own premises, commercial or industrial, via their SMSF.

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Accounting

Industry body welcomes age pension announcement

The SMSF Association has welcomed the federal government’s decision to keep the age pension at 67, arguing the three pillar policy of the age pension, compulsory super, and voluntary savings will enable Australians to retire at this time.

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Education, Regulation

SuperConcepts releases online training

SuperConcepts’ technical education team has released a 30-module training course designed to keep professionals updated on the latest regulatory requirements around SMSF advice.

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ATO, Superannuation

TSB, TBC details visible in myGov: ATO

The ATO has used a superannuation regulatory update speech to remind individuals who log into the myGov portal can now view details of all their super accounts and balances.

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