News

ATO

Practitioner services a key priority: ATO

Box being ticked.

The ATO has reaffirmed its commitment to providing improved services and removing any irritants to tax agents as it works closely with the industry to get future initiatives and strategies right.

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Regulation

ASIC fund establishment focus to intensify

The Australian Securities and Investments Commission (ASIC) is likely to increase its scrutiny of the practice of setting up SMSFs in the coming year, according to an industry consultant.

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Insurance

Insurance via an SMSF – is this a good idea?

Insurance in superannuation has been the growth story of the Australian life insurance market for the past three years. In 2016, insurance in superannuation accounted for more than 50 per cent of TAL’s retail insurance sales.

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Business News

SMSF property scheme to face court

The Australian Securities and Investments Commission (ASIC) has commenced proceedings in the Federal Court and obtained interim injunctions against a Perth-based business and its sole director in relation to an SMSF property scheme.

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Business News

Equity research platform fills gap

Cloud-based equity research platform ShareClarity’s on-demand model covering Australian, New Zealand and Hong Kong-listed equities offers a much more transparent and accessible approach for advisers and SMSF trustees, with interest already growing, according to the firm.

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Compliance

ASIC publishes new limited AFSL materials

The corporate watchdog today released fresh webpage guidance and information sheets to help those holding a limited Australian financial services licence (AFSL) and their representatives understand their key obligations.

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Practice Management

No silver bullet for CGT relief

SMSF practices must factor in the amount of time advisers will need to dedicate to working out capital gains tax (CGT) relief for their clients as every fund will be different, a technical expert has warned.

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ATO

ATO encourages earlier TBAR reporting

Wristwatch.

The ATO has indicated certain scenarios affecting an SMSF member’s transfer balance cap should be reported under the transfer balance account report (TBAR) sooner rather than later to avoid double counting of income streams.

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Strategy

Diversification across asset classes misleading

The investment diversification strategy implemented by many SMSF members may not be effective, even when it involves multiple asset classes, leaving room for the inclusion of high-grade bonds to provide a truly defensive portfolio component, a global fund manager has said.

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ATO

SMSF Association applauds ATO super project

The SMSF Association has come out in full support of the ATO’s recently published Super Scheme Smart material, which is designed to give taxpayers relevant information and cases studies about illegal retirement planning arrangements, including the associated risks and warning signs.

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