News

Regulation

Non-payment of SG not major issue for SMSFs

SMSF members hold a number of advantages over other superannuation structures via their direct involvement with their fund, including the ability to closely monitor employer contributions, according to the SMSF Association.

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Practice Management

Lessons from 2016 we can apply in 2017

Investing and financial planning require discipline. Each year we need to review our plans. How were they implemented? What unexpected events happened? What can we learn from the past year and apply to the year ahead? Below is my list of what I will be taking out of 2016 and applying in 2017.

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Investments

SMSFs back ASX Top 20

A hand points on an ipad screen.

SMSFs were the largest net investors in the Australian Securities Exchange (ASX) top 20 in 2016 and were the most active investors in the retail segment, according to a recent analysis of CommSec clients.

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ATO

Relaxed fixed trust view to assist SMSFs

New draft guidelines changing the ATO’s interpretation of what constitutes a fixed trust may help the tax treatment of trust distribution income for SMSFs, according to a specialist law firm.

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ATO

ATO sends out LRBA reminder ahead of deadline

The ATO has issued a reminder to SMSF advisers and trustees about how the non-arm’s-length income (NALI) provisions apply to limited recourse borrowing arrangements (LRBA) in light of the looming compliance deadline for these gearing strategies.

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Regulation

Super laws rekindle automation interest

The incoming legislative changes to the superannuation system are driving renewed interest in system automation, with a significant number of new portfolios coming from manual SMSF accountants using Excel and generic general ledgers, according to Class.

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Regulation

IPA favours ASIC funding model

The Institute of Public Accountants (IPA) has come out in support of the proposed industry funding model to support the Australian Securities and Investments Commission (ASIC) and believes it will deliver positive regulatory outcomes.

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Business News

NAB, Heffron unveil SMSF set-up service

National Australia Bank’s (NAB) online trading platform, nabtrade, has entered into a partnership with Heffron SMSF Solutions to launch a transparent, non-commission and fully featured establishment and administration service for SMSFs.

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Business News

The end of a horrible SMSF year

It was Queen Elizabeth who made the phrase, annus horribilis, such a memorable one.

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Accounting

SMSF licensing: an opportunity and threat

For accountants, 2016 has been a year of interesting challenges and exciting new opportunities. As we enter a period of significant change, there are a number of considerations for accountants to take into 2017.

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