News

ATO, Compliance, Regulation

ATO bans 149 SMSF trustees

ATO Disqualification SMSF trustees

Close to 150 SMSF trustees were disqualified in the December quarter 2023, marking a substantial decrease in barred trustees compared to the previous three-month period.

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Pensions, Retirement, Superannuation

Annuity design flaws addressed

Annuities Retirement income products challenger Mercer

Annuities are showing an increase in popularity among retirees since providers of these products have addressed some of the associated design issues.

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Investments, SMSF

Female engagement underestimated

AUSIEX SMSF Female investors women investors Trade Brett Grant

Female SMSF investors are likely to be more engaged and active than currently perceived, with the role of advice key in expanding their behaviour.

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ATO, Compliance, SMSF

SMSF businesses draw SPT focus

SMSF business sole purpose test ATO Accurium Anthony Cullen

Running a business inside an SMSF will attract intense ATO scrutiny to ensure the action does not breach the sole purpose test.

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AAT, ATO, Superannuation

AAT case shows foreign transfer difficulty

AAT ATO Foreign transfer Superannuation

Conflicting superannuation and taxation rules between two countries can make foreign super transfers a difficult and complex process.

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Appointments, Auditing

ASF Audits bolsters executive team

ASF Audits Andrew Culley Casey McGrath Richard Smith managing director

An Adelaide-based audit firm has appointed a former Deloitte managing partner and an ex-principal of specialist SMSF auditing business Nest Super to its executive team.

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Superannuation

Govt to pay super on paid parental leave

paid parental leave superannuation

Parents who take time off work to look after children will have superannuation payments added to government fund leave entitlements from mid-2025.

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financial advice

Advice seen as valuable but costly

Financial advice Cost Investment Trends Irene Guiamatsia

Consumers regard financial advice as useful, but many still baulk at the cost, seeing it as too high for their needs.

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Auditing, Compliance, Regulation, SMSF

Review loans to avoid audit issues

SMSF auditors Loans Litigation SIS regulations Audit file

SMSF auditors must be prepared to substantiate their audit file with sufficient evidence in situations where an SMSF has invested in a loan.

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ATO, Pensions, Tax

Court rejects pension exclusion from TBC

Federal Court defined benefit lifetime pensions excess transfer balance transfer balance cap Stern Commissioner of Taxation

The recipient of two defined benefit pensions has lost a court case to have them excluded from the calculation of his excess transfer balance, failing to prove they were not covered by tax laws.

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