News

Investments, SMSF, SMSFA

Little benefit in performance test

Performance test SMSF SMSF Association Investment strategy

Extending a performance test applied to APRA-regulated funds to the SMSF sector would add red tape and increase costs without any benefit.

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Death benefits, SMSF, Strategy, Tax

Consider deduction instead of wind-up

SMSF Death benefit Future services deduction Death Disability Wind-up

Trustees should consider a lesser-known tax deduction as a viable alternative to closing down their SMSF when a member is approaching a death or incapacity event.

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ASIC, Compliance, SMSF

Macquarie fined over SMSF fees

ASIC SMSF Macquarie Bank Federal Court Unauthorised fees Ross Hopkins Cash management accounts

Macquarie Bank has been ordered to pay $10 million in fines after failing to prevent unauthorised fee transactions from its clients’ SMSF accounts by a third party.

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Administration, ATO, SMSF

ATO changes trustee messages

ATO SMS SMSF remove hyperlinks

The ATO has notified SMSF trustees it has changed the content of its SMS text alerts in order to prevent scams.

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financial advice, Retirement

Retirement funding vague for many

Colonial First State Retirement funding Financial advice ASFA

Many Australians have an inflated idea of what it will take for them to retire comfortably, yet few engage with their fund or advisers to seek help or advice.

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ATO, Tax

ATO confirms TSB for Div 296 tax

ATO Total superannuation balance Division 296 NALE CGT Transfer balance cap

The redefinition of a person’s total super balance as to the implementation of the $3 million soft cap has been confirmed by the ATO.

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Platforms, Practice Management, SMSF, Technology

Intelliflo adds SMSF modelling tool

intelliflo office intelliflo SMSF

Advisers using the intelliflo platform will now be able to access cash-flow modelling tools to support SMSF clients.

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financial advice

Inquiry needed on Dixon compensation funding

Financial Advice Association Australia Compensation Scheme of Last Resort Dixon Advisory Sarah Abood

The FAAA has called for an inquiry as to why financial advisers will fund compensation claims against Dixon Advisory despite it closing two years before the industry recourse scheme started.

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ATO, Auditing

Valuations more important than ever

Property Valuation Auditors Market value Unrealised capital gains ATO Shares Loans

Asset valuations have taken on even greater importance for the end of this income year given the ATO’s current compliance focus.

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Property

Property deposit payer key

SMSF property Deposit Business Depot Neal Dallas

It is imperative for deposits on SMSF properties to be made in the fund’s name to avoid any unwanted compliance breaches.

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