News

Compliance

SMSFA backs extra SG taskforce funding

The SMSF Association has applauded the federal government’s decision to provide the ATO with additional funding for a Superannuation Guarantee Taskforce aimed at cracking down on employers failing to comply with their superannuation guarantee (SG) obligations.

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Strategy

Family trusts complement SMSFs more than ever

The strategy to use family trusts in conjunction with SMSFs is potentially going to gain significance for retirees in the wake of the new super reforms, a specialist lawyer has predicted.

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Accounting

CGT relief requires good client knowledge

The choice to reset the cost base of an asset when applying for capital gains tax (CGT) relief requires SMSF advisers to understand how their clients think and behave when it comes to following through with their plans.

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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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