News

Superannuation

Government working to ease super pain

Revenue and Financial Services Minister Kelly O’Dwyer has emphasised the federal government is taking considered measures to ensure the super reforms do not cause too much disruption to financial advisers and SMSF trustees.

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ATO

ATO settles TBAR decision for SMSFs

The ATO last week revealed its final position on events-based reporting for SMSFs, announcing this reporting method for SMSFs under its transfer balance account report (TBAR) regime will be limited to those funds with members that have total super account balances of $1 million or more.

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Business News

KPMG signs with Class Super

Accounting and professional services giant KPMG has entered into an agreement to use cloud-based SMSF administration software Class Super.

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Infrastructure

Active approach key to unlisted infrastructure

SMSF trustees making allocations to infrastructure in their portfolios need to educate themselves about the significance of using an active strategy in order to get the most out of this asset class.

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Superannuation

Superannuation drops as wealth component

The latest Roy Morgan research into the net wealth of Australian households has found superannuation and pensions/annuities are playing a smaller part in the make-up of people’s overall financial positions.

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ETFs

SMSF appetite for ETFs rebounds

Cash being handed to one person from another.

SMSF demand for exchange-traded funds (ETF) has resumed following a substantial decline in 2016, the latest industry research has revealed.

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Documentation

Topdocs unveils estate planning platform

Legal document provider Topdocs has released a new platform that enables financial planners and accountants to request online and full-service estate planning documentation and other services, including wills and enduring powers of attorney (EPOA).

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Compliance

ATO scrutinising all unit trust investments

The ATO is in the process of examining all SMSF investments in unit trusts as part of its compliance activities regarding related-party transactions, a technical expert has revealed.

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Compliance

Non-lodgement culprits on last notice

In the coming months the ATO will be increasing its activity against the most serious and common compliance breach, being SMSFs with significant balances that have continually failed to lodge an annual return.

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ATO

ATO announces TBAR frequency requirement

A hand holds a stopwatch.

The ATO has today handed down the outcome of its position paper, announcing that events-based reporting for SMSFs under its transfer balance account report (TBAR) regime will be limited to those SMSFs with members that have total super account balances of $1 million or more.

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