News

Auditing

Active disclosure prevents intervention

SMSF trustees must take a more proactive role in working collaboratively with their auditors and the ATO to resolve regulatory issues earlier and in a more timely fashion, according to the ATO.

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Investments

Industry optimistic on property

The latest research into the property market has shown professional practitioners are very positive about the outlook and overall business conditions for the sector for 2017.

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Regulation

Reinstate CC cap for over-50s: IPA

The Institute of Public Accountants (IPA) has called for the restoration of the superannuation concessional contribution (CC) cap for those over 50 to $35,000 and reminded the federal government the Henry tax review recommended a higher cap.

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ATO

Collaboration key to navigating super changes

Fostering greater collaboration between the ATO and industry bodies, such as the SMSF Association, to help navigate the incoming super measures is essential to building fund members’ trust in the system and ensuring the changes are successfully implemented.

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Investments

Direct options for trustees running out

SMSF trustees may be running out of “investable assets” on the Australian Securities Exchange (ASX) that they feel comfortable investing in directly, with the ASX saying it is an issue that must be addressed.

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Estate Planning

No plan for member deaths precarious

SMSFs that do not consider what happens if a member passes away will face numerous challenges in the fund’s wind-up, according to a superannuation technical expert.

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Practice Management

Planners are central to better standards

Advisers must be proactive on their journey to professionalism and realise their position as community advocates as they engaged the clients of tomorrow and restored confidence in the sector, a standards body has said.

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Business News

Automation no threat to SMSF administrators

SMSF administration businesses will not be made redundant as a result of the ongoing automation and technology developments in the SMSF sector.

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ATO

SMSFA, ATO partner to lift sector outcomes

The SMSF Association and the ATO have announced a three-year strategic partnership, which aims to maintain and improve the integrity and professionalism of the SMSF sector, as well as influence appropriate behaviour.

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Auditing

SMSF shadow shop planned for 2017

The Australian Securities and Investments Commission (ASIC) has confirmed it is preparing to conduct shadow shopping activities this year, as part of its assessment of the advice being offered to the SMSF sector.

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