News

ATO

SMSFs already using TBAR

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The ATO has revealed SMSFs have been using its transfer balance account report (TBAR) to inform the regulator of events affecting their transfer balance cap and total super balance, with the system so far working well.

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ETFs

Market concerns over ETFs unwarranted

Accusations the exchange-traded fund (ETF) sector is creating an investment market bubble are unfounded and inaccurate, a financial services sector economist has said.

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Compliance

SMSF specialist designations not enough

The SMSF specialist adviser designation will not mean anything unless an adviser has completed other pieces of education under new educational requirements and professional standards for financial advisers, according to BT.

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Regulation

Alignment poor between super, age pension

A lack of coordination exists between superannuation policy and social security policy, and the poor alignment between the age pension and superannuation is an example of this, according to the SMSF Association.

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Superannuation

Total super balance key TBAR timing factor

The total super balance of the individual members of an SMSF is the determining factor of how often a particular fund will have to complete a transfer balance account report (TBAR), rather than the total super balance of the member who is drawing a pension.

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Compliance

Active member test outdated

The SMSF Association believes legislative restrictions effectively compel Australians with an SMSF and who are temporarily living overseas to switch to an Australian Prudential Regulation Authority (APRA)-regulated fund while out of the country.

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Accounting

Software, data feeds lessen TBAR confusion

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The increased complexity around SMSF reporting dates as a result of the transfer balance account report (TBAR) regime means it is more important than ever for accountants to use specialised software and up-to-date data feeds, according to an industry auditor.

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Superannuation

Higher-balance SMSFs lead in satisfaction

The SMSF segment leads in superannuation satisfaction among those in the higher-balance bracket, but industry funds lead them and retail funds in the lower-balance segments, according to Roy Morgan research.

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Business News

DomaCom crowdfunding integrates with Domain

Fractional investment company DomaCom has announced an agreement with Domain to integrate the full range of Domain property listings into DomaCom’s crowdfunding platform in a bid to take it mainstream.

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Regulation

Super tax consultation underway

Treasury has released a consultation paper covering two key super tax measures – limited recourse borrowing arrangements (LRBA) and non-arm’s-length income (NALI) – to support the integrity of the federal government’s suite of super reforms.

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