News

ATO, Auditing, Compliance, Investments

ATO flags concerns over asset values

Asset valuation SMSF ATO Auditors Asset classes

The ATO has put SMSFs that have reported unchanged asset valuations over a number of years on notice, stating it is watching compliance with valuation requirements this year.

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SMSF, Superannuation

Ageing demographic future of SMSFs

SMSF Deloitte Growth Industry funds Dynamics of the Australian Superannuation System Report

SMSFs are expected to grow well into the future, but an ageing demographic is likely to reduce their number and the overall pool of retirement savings.

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Compliance, Death benefits, Regulation

ATO view clear on benefit payments

ATO SMSF Member benefit Death benefit Superannuation benefit Death

The ATO is taking a less discretionary approach to situations where a superannuation benefit is paid after the death of a member, but was requested before the event.

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Investments, Property, SMSF

Sharia-compliant SMSF offering launched

SMSF property investment Sharia Meezan Wealth Management

A Sydney-based financial services firm has released an SMSF product allowing Muslims to invest in property in a way that aligns with their religious practices and beliefs.

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financial advice, Legislation

CSLR levy cost will pass to consumers

Financial advisers Compensation Scheme of Last Resort Funding

The costs imposed upon advisers to fund the compensation scheme of last resort conflict with the government’s aim to make financial advice more affordable and will be borne by consumers.

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ASIC, Auditing, Practice Management

New service for SMSF auditors

SMSF auditors Professional review Auditors Institute

Members of The Auditors Institute will soon have a new service made available to them should they want a professional review of their practices.

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Property, Superannuation

Early access won’t overcome deposit hurdle

Property Home ownership Superannuation Deposit

Early access to superannuation for housing would not meet deposit requirements for an average dwelling, with most young homebuyers having super balances below those levels.

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Aged Care, Retirement

Aged-care funding clarity needed

Aged care Aged care Taskforce Funding Retirees Association of Independent Retirees

A professional body representing self-funded retirees has requested more detail into the funding arrangements outlined in the final report prepared by the aged care taskforce.

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Compliance, SMSF

Disqualification crime has no limit

SMSF trustee criminal offence disqualified person

An offence committed by an individual that disqualifies them from being an SMSF trustee will be held against them forever.

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Documentation, Trusts

Review of deed chain essential

SMSF trust deed deed chain changes Cooper Grace Ward Nathan Rutherford

Checking the history of changes to an SMSF trust deed and ensuring they are valid is crucial to planning for the potential death of a fund member.

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