News

Death benefits, Superannuation, Tax

$3m cap issue with death pensions

Total super balance $3 million soft cap tax Calculation methodology Death benefit

A vital element of the calculation methodology regarding a person’s total super balance for the $3 million soft cap is yet to be revealed.

read more
NALI/NALE, Property, SMSF

Cheap finance creates NALI trap

NALI NALE Property development Unit trusts family trusts SMSF

SMSFs drawing on cheap sources of finance for property developments are likely to breach the NALI rules, costing them many times more than the interest saved.

read more
financial advice, Regulation

Adviser exam changes a positive step

ASIC Financial adviser exam Financial advisers

A proposal to streamline the financial adviser exam will help bring more advisers into the profession and provides a more objective measure of the abilities of new entrants.

read more
financial advice

Initial compensation levy tops $240m

Compensation Scheme of Last Resort CSLR levy

The estimated cost of unpaid compensation for past financial misconduct to be paid by banking and insurance groups has been released, but still requires government approval.

read more
Auditing

Average audit cost too low

Auditing costs SMSF auditors ATO

The average cost of an SMSF audit appears to be too low and not representative of the value an approved auditor brings to the work.

read more
Accounting, financial advice

Advice barrier to entry needs fixing

AFSL Accountants Financial advice New entrants supervision

A significant influx of accountants into the financial advice sector will not happen unless a fundamental licensing requirement is changed.

read more
ASIC, Compliance, financial advice

Ex-directors sanctioned for SMSF dishonesty

Mudasir Mohammed Naseeruddin Mark Andrew Cooper SMSF ASIC Banned

A former company director who persuaded investors to transfer their super into SMSFs to use the funds for his own benefit has been sentenced to jail, while another has been slapped with a ban.

read more
Superannuation

Govt names consumer super advocate

Super Consumers Australia Consumer advocate Superannuation Choice

The government has named its preferred superannuation consumer advocacy group and will allocate funding to it for the next five years.

read more
Business News

Merry Christmas and Happy New Year

The selfmanagedsuper team wishes all of the publication’s readers a very Merry Christmas and a happy, healthy and prosperous New Year.

read more
Contributions, Superannuation

Prepare for cap indexation

transfer balance cap total super balance concessional non-concessional contribution indexation

SMSF advisers should start discussing strategies with their clients to make use of anticipated indexation of a number of superannuation caps in 2024.

read more

Copyright © SMS Magazine 2024

ABN 43 564 725 109

Benchmark Media

Site design Red Cloud Digital