News

Business News

SMSF Association reveals new patron

Reverend Tim Costello has been appointed as the new patron of the SMSF Association, succeeding former High Court chief justice Sir Anthony Mason, who has filled the role since February 2007.

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Compliance

Clients uncertain in new compliance landscape

The new superannuation changes are driving SMSF trustees to seek help and advice from advisers and accountants in order to understand and be guided through the complex rules, financial planning practice Australian Wealth Solutions (AWS) has revealed.

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Investments

SMSF money on the move

Bridge roadway over ocean.

SMSF trustees are making significant changes to their asset allocations compared to previous years, according to the latest industry research.

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Auditing

ASF, Super Auditors announce merger

Adelaide-based SMSF audit firm ASF Audits has announced it will merge with fellow independent SMSF audit firm Super Auditors, bringing the combined number of SMSFs serviced under the new business to more than 12,000.

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Estate Planning

SMSFs shift closer to estate planning vehicle

SMSFs have now potentially become more of an estate planning vehicle after the implementation of the $1.6 million transfer balance cap, a sector strategist has said.

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Documentation

CGT relief to be reported separately

SMSF advisers and trustees must be aware that notifying the ATO about the use of the capital gains tax (CGT) relief provisions, included as part of the superannuation reforms introduced on 1 July, cannot be done via the annual return of the fund.

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Estate Planning

TRIS conversion could cause cap problems

SMSF trustees need to be cautious that the new treatment of transition-to-retirement income streams (TRIS) does not lead to a breach of the transfer balance cap (TBC) introduced on 1 July, a senior SMSF technical practitioner has said.

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Auditing

Auditor banned over independence issues

John Evennett, from New South Wales, has been disqualified from being an approved SMSF auditor by the Australian Securities and Investments Commission (ASIC).

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Superannuation

Following SMSF wind-up process vital

As many of the initial SMSF owners begin to enter their 80s, now is a good time to review all the different aspects to consider when it is time to close a fund, a specialist SMSF adviser has said.

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Business News

SMSF growth should bounce back

The number of SMSF establishments should begin to increase over the coming months and into next year, particularly once the industry has settled into the new superannuation environment.

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