News

Accounting, Administration, Contributions, fraud, SMSF, SMSFA

Fraud raises compliance snags

SMSF fraud compliance contributions

The regulator’s stance regarding situations where benefits of a fund have been accessed via fraudulent activities remains a little unclear.

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Legislation, Superannuation, Tax

Short consultation period a risk

Superannuation earnings tax consultation period

The industry requires a longer consultation period to evaluate the impacts of draft legislation imposing measures like the $3 million soft cap.

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Compliance, Investments

Wholesale thresholds need fixing

wholesale investors SMSF assets test income

The definition of a wholesale investor in an SMSF context must be redefined with regard to the thresholds applied to the asset and income tests.

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ATO, Auditing

Asset charge warning not new

ATO SMSF auditor asset charge

The obligation for auditors to check for charges on SMSF assets has existed since 2019 and the ATO’s position on the requirement has not changed.

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Legislation, Superannuation, Tax

Soft cap tax unjust

Soft cap tax

An industry body has criticised the draft legislation regarding the $3 million soft cap labelling it as being inequitable and problematic.

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ETFs, Investments

Smart beta ETFs gain favour

smart beta ETF Van Eck Arian Neiron

Smart beta exchange traded funds have made significant inroads into the market share of actively managed offerings over the past year.

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Legislation, SMSFA, Superannuation

Call for exclusive super objective law

Objective of superannuation

The SMSF Association has used its submission to Treasury on the objective of super to highlight three outcomes the process should achieve.

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Legislation, SMSFA, Superannuation, Tax

Unrealised gains outside super tax scope

Superannuation earnings tax

The SMSFA has once again rejected the inclusion of the taxation of unrealised capital gains in the government’s superannuation earnings tax, following the release of draft legislation yesterday.

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ATO, NALI/NALE

Ruling shows NALE application

NALE SMSF trustee capacity non-arm's length expenditure

The ATO has indicated financial services professionals who act on behalf of their own fund must do so in a trustee capacity only to avoid being hit with NALE taxes.

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Superannuation, Tax

$3m tax draft bills released

$3 million superannuation earnings tax TSB total superannuation balance

The superannuation sector has been given 16 days to respond to the $3 million earnings tax draft legislation released today with no substantial changes to previous announcements.

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