News

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.

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Auditing

Caddick case not just lesson for auditors

SMSF auditors Melissa Caddick ASF Audits

The Melissa Caddick case highlights the importance of SMSF practitioners thoroughly checking the documents they receive from existing and potential clients.

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Superannuation

Evidence crucial in early super requests

superannuation release evidence ATO

Superannuants need to furnish sufficient evidence to the ATO before successfully applying to have their funds released before retirement.

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Compliance, Property, SMSF

Zoning does not define BRP

SMSF Business real property Zoning

The zoning rules applying to a piece of real estate have no significance in determining whether the asset can be considered business real property.

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Legislation, SMSFA, Superannuation, Tax

$3m soft cap issues ignored

$3m soft cap tax Superannuation earnings tax Division 296 tax SMSF Association

The proposed bill to implement the $3 million soft cap tax has been sent to the Senate without considering its impacts in several critical areas.

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ASIC, FASEA, financial advice, Legislation

Adviser exam pushed back

ASIC Financial adviser exam

The first ASIC adviser exam of 2024 will be pushed back by more than a month as the regulator implements changes to its content and eligibility criteria.

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Estate Planning, Tax

Good tax outcomes need context

Incapacity Power of attorney Estate planning Income Tax Assessment Act

Certain estate planning strategies require specific communication to allow trustees to avoid triggering the Part IVA provisions of the tax act.

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financial advice, Legislation, SMSFA

SMSFA seeking clarity over adviser class

SMSFA Qualified advisers Quality of Advice Review Accountants

An industry body has called for further details regarding the implementation of the final recommendations of the Quality of Advice Review.

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ASIC, SMSF

Receivers appointed to SMSF investment firm

ASIC Federal Court Brite Advisors Receivership

The Federal Court has made orders to appoint corporate receivers to the Australian arm of UK pension specialist and SMSF investment firm Brite Advisors.

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Investments, Platforms

OpenInvest secures funding

OpenInvest Tayside Group Investment platform

OpenInvest has gained the financial support of a large family office, setting it up to continue attracting firms to its white-label investment platform solution.

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