News

Regulation

Advisers must master downsizing measure

A woman looks at a blackboard.

While the federal government’s downsizing measure may only apply to a minority of clients, advisers should still be across the technical aspects in order to determine its appropriateness, as well as being able to execute the contributions correctly, an industry lawyer has said.

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Business News

Disputes in death a future challenge

The SMSF Association has identified death benefit disputes as being a major challenge moving into the future in a new paper, “Outlook for the SMSF Sector”, released today.

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Regulation

Reforms create low, high-end service gap

SMSF trustees are showing different levels of concern when it comes to the impact of the recent super changes on their fund, resulting in advice and guidance opportunities according to their balance bracket, the latest industry research has found.

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Compliance

Many advisers miss tax agent rego renewal

The Tax Practitioners Board (TPB) has revealed 27 per cent of the 2748 registered tax financial advisers failed to renew their status in July with the industry body when required to do so.

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Superannuation

Protection of SMSFs more crucial

The complexity of the current super system requires all parts of super to ensure the government does not “stuff it up”, while the SMSF industry should be working towards protecting and safeguarding the sector, according to the Tax Institute.

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Business News

Repeat winners emerge at awards night

Industry research firm CoreData in conjunction with selfmanagedsuper hosted the fifth annual SMSF Service Provider Awards in Sydney last week, with nine out of the 16 finalists holding their position from last year in the adviser-voted categories.

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Investments

Vigilance key for SMSFs investing overseas

As SMSFs increasingly participate in overseas investments, it is vital the tax consequences and structuring of such opportunities are considered and understood, but importantly advisers must be monitoring rules continuously in case of any changes.

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Fixed Income

Fixed income structure risks need focus

Investor understanding of fixed income risks around structure types requires more attention and education, according to Metrics Credit Partners (MCP).

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ATO

ATO grants small ECPI concession

While the ATO has not budged from its stance of requiring any SMSF entirely in pension phase to use the segregated method when claiming exempt current pension income (ECPI), it has confirmed its compliance activities will not be focused on adherence to this edict for the 2017 financial year or any prior periods.

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Compliance

TBAR non-compliance to attract penalties

The proposal to implement a transfer balance account report (TBAR) for SMSFs includes the ability for the ATO to impose penalties for non-lodgement or late lodgement of this information.

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