News

Regulation

ASIC releases industry funding estimates

The Australian Securities and Investments Commission (ASIC) has published its cost recovery implementation statement (CRIS), outlining the regulator’s forecast for costs and activities for the 2017/18 financial year.

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Business News

SMSFA conference theme revealed

The theme for next year’s SMSF Association National Conference to be held in Sydney has been officially announced as “beyond”.

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Accounting

Valuation process most important

The process behind how assets held in an SMSF have been valued is the most important element and not who actually valued the assets, a senior executive with a large chartered accounting firm has said.

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Superannuation

SMSF trust control determined by positive factors

Positive influencing factors rather than negative ones are the elements advisers and their clients must be cognisant of when determining whether an SMSF has control over a trust in which it is invested and as such potential in-house asset issues, an industry technical expert has said.

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Business News

Expect more super changes

The SMSF industry should not become complacent but instead prepare for more superannuation reforms to be added on top of the current changes practitioners and trustees are already challenged by.

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ATO

ATO could change TBAR frequency outcome

Detail of a calendar page with dates.

The ATO has announced it will closely monitor the activity on the transfer balance account report (TBAR) regime frequency, whether monthly or quarterly, in case it needs to be changed in order to be more effective.

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Estate Planning

Pensions in new super world require digging

SMSF practitioners will need to consider clients’ estate planning needs at pension establishment more closely and continue to monitor them, as pensions have an important role within SMSF planning in the new super landscape, a technical expert has said.

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Documentation

SMSFs warned on consequences of trust deed change

The unintended action of triggering a resettlement as a result of an amendment to a trust deed, when a family trust is set up to provide for family beneficiaries, ranks as one of the top SMSF “stuff ups”, according to a legal executive.

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Compliance

Avoiding NALI impossible for certain LRBA assets

The ability for an SMSF to implement a strategy of using a related party limited recourse borrowing arrangement (LRBA) to purchase certain assets not covered by the ATO safe harbour guidelines, such as a parcel of unlisted shares, without having the income from the investment being treated as non-arm’s length, may well be impossible.

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ATO

ATO sheds further light on two-fund strategies

The ATO has clarified its stance on two-fund strategies used by SMSFs and whether this approach will give rise to the regulator’s scrutiny, following continued concerns from the industry.

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