News

Regulation

Govt, regulator innovation gap exists: Ripoll

The rapid innovation and developments occurring in the superannuation sector, particularly with SMSFs, have created reasonable concerns regarding whether the government and regulators are able to keep up with the pace and reduce the lag.

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ATO

IPA calls for ATO IT accountability

The Institute of Public Accountants (IPA) has called for greater accountability from the ATO in the form of a service agreement in light of the ongoing technology issues that have significantly impacted on accountants and tax agents across Australia.

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Business News

BGL starts petition against super reporting

BGL Corporate Solutions has called on the ATO to rethink the new superannuation reporting requirements, labelling them “draconian” and unmandated.

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ATO

ATO clarifies TBAR rules

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ATO SMSF segment assistant commissioner Kasey Macfarlane has addressed industry confusion over what must be reported under the transfer balance account report (TBAR) regime, in addition to outlining potential risks around the 2018 transition date for SMSFs.

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Estate Planning

Advisers overlooking couples with $1.6m

The barrage of superannuation changes has kept SMSF practitioners busy, yet estate planning has been left on the back burner despite the clear implications of the new super rules on that area, particularly for couples with a combined balance over $1.6 million, according to a technical expert.

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Investments

Global equities capable of delivering income

SMSF investors do not have to sacrifice income when diversifying into global equities as there are ample dividend prospects offshore.

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Regulation

Increased ASIC post-FOFA power real

The Australian Securities and Investments Commission (ASIC) effectively increased its powers as a result of the Future of Financial Advice (FOFA) reforms through a relaxed burden of proof standard that can be used to justify the banning of a financial adviser.

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Business News

Policy silos must be broken down

The SMSF Association has stressed the silo mentality in public policy formulation must end as isolated policy settings have predictably impacted on other policy areas, causing negative outcomes for the industry.

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Compliance

Advisers must factor in CGT complexity

Capital gains tax (CGT) relief available to SMSFs looking to comply with the newly imposed transfer balance cap will have to be applied on a case-by-case basis, creating further complexity for advisers and trustees in the preparation of fund accounts, a technical services manager has said.

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ATO

ATO anticipates NCC transition issues

The ATO has flagged the transitional rules for non-concessional contribution (NCC) bring-forward amounts as an expected pain point as SMSF advisers continue to work out in which financial year the rule was triggered in line with their clients’ total super balance.

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