News

Compliance

TBAR complexities understated

BGL Corporate Solutions believes the ATO has significantly underestimated the complexity of the new events-based transfer balance account reporting (TBAR) regime requirements, the amount of data that will be reporting and the impact on compliance costs on SMSFs and the broader super industry.

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Accounting

Key robo opportunities for accountants

There are significant prospects for SMSF accountants that choose to embrace robo-advice for their clients as well as financial technology, or fintech, more broadly.

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Regulation

Practical application of super changes key

The Self-managed Independent Superannuation Funds Association (SISFA) is focusing on the real life practical application of the super changes, in line with the ATO’s interpretation, as a myriad of unique SMSF scenarios are emerging and causing confusion among advisers.

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Retirement

More longevity risk work needed

The SMSF sector needs to address the issue of longevity risk in a more meaningful manner as the projected age of Australians continues to increase, a senior executive with an industry body has said.

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ATO

Smaller pensions may get TBAR transition

A goldfish leaps from one fishtank to another.

The ATO has revealed it will consider allowing a two or three-year transition period for events-based reporting under transfer balance account reporting (TBAR) regime for pensions that are significantly below the $1.6 million transfer balance cap.

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Business News

SMSF property spruiker banned

A promoter of property purchasing strategies through an SMSF has been permanently banned from providing financial services and engaging in credit activity by the corporate regulator.

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ATO

Around $18 billion of super in limbo

The latest ATO figures have revealed the value of retirement savings considered lost or unclaimed is now close to $18 billion across 6.3 million accounts as at 30 June 2017.

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Regulation

Better super comparisons on the way

More consistent assessments of the returns and retirement expenses of SMSFs in comparison to Australian Prudential Regulation Authority (APRA)-regulated funds are not unreachable, with the prudential regulator already working on better analysis.

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Business News

SISFA contests latest SMSF generalisations

The Self-managed Independent Superannuation Funds Association (SISFA) has called out the Australian Institute of Superannuation Trustees (AIST) for making numerous prejudiced claims against SMSFs.

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ATO

ATO stipulates concerns over reserves

The ATO has declared it will be closely scrutinising any apparent changes in the use of reserves in response to the newly imposed transfer balance cap and total super balance.

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