News

LICs

SMSF demand for AFIC LIC continues

Australian Foundation Investment Company (AFIC) has said the long-term nature of its portfolio continues to attract SMSFs to its listed investment company (LIC) structure.

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Auditing

Five ways direct bank feeds impact on SMSFs

The introduction of direct bank feeds into SMSF platforms has been both a blessing and a curse for SMSF auditors and advisers. Direct bank feeds can provide time-saving benefits because they eliminate trawling through pages of disorganised statements. However, depending on the status of the feed, a raft of new issues emerge that can throw […]

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ATO

ATO conciliatory over online outages

HELP button on the enter key of a computer keyboard

The ATO has announced it will not enforce any penalties SMSFs may have incurred due to the outage experienced by the regulator’s online services at the end of last year.

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Compliance

Contributions procedures to be streamlined

The method SMSF trustees and members must follow to be able to claim a tax deduction for contributions is to be monitored and likely fine-tuned in the foreseeable future.

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Practice Management

Transition models integral to succession

Accountants should consider the various transition models that are available when it comes to passing their practices over to their next owners, rather than simply closing up their businesses, according to a specialist business exit advisory executive.

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Estate Planning

Selection of appointor crucial

Great care must be taken with who is chosen as the appointor of a new family trust as they are often considered to be the real power behind and ultimate controller of the trust, according to a superannuation and estate planning legal expert.

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Regulation

New professional standards neglected SMSFs

The SMSF sector should have been incorporated into the financial advice education and professional standards that were introduced into Parliament last year, according to an industry consultant. 

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Succession Planning

Five new year’s resolutions for your family

Survived the silly season, have we? Great. And made some new year’s resolutions? Even better.

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Regulation

Non-payment of SG not major issue for SMSFs

SMSF members hold a number of advantages over other superannuation structures via their direct involvement with their fund, including the ability to closely monitor employer contributions, according to the SMSF Association.

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Practice Management

Lessons from 2016 we can apply in 2017

Investing and financial planning require discipline. Each year we need to review our plans. How were they implemented? What unexpected events happened? What can we learn from the past year and apply to the year ahead? Below is my list of what I will be taking out of 2016 and applying in 2017.

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