News

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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Legislation, Regulation, Superannuation

Super objective remains rejected

Objective of superannuation IFPA Natasha Panagis

The objective of superannuation proposed in draft legislation tabled last month has not got Institute of Financial Professionals Australia backing.

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Auditing, Compliance, Platforms, SMSFA

Data vigilance crucial for auditors

Auditing platforms SMSF audits ASF Shelley Banton

SMSF auditors must exercise due diligence in evaluating both the software and data stored within automated auditing platforms to ensure compliance with their professional obligations.

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Administration, Appointments, SMSF

SMSF Alliance adds new head of growth

SMSF Alliance Sarah Pressler

SMSF administrator SMSF Alliance has appointed a former SuperConcepts key manager to a new role focused on expanding the business.

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Regulation, Superannuation, Tax

Super funds already differentiated

$3 million soft cap calculation

The reasoning behind the calculation of the proposed tax on the $3 million soft cap is at odds with other aspects of the superannuation system.

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ATO, Auditing, Compliance

No SAN mail-out as behaviour shifts

SMSF SAN misuse mailout ATO

A decrease in intentional misuse of SMSF auditor numbers has prompted the ATO to park its annual mail-out in favour of targeted compliance action with tax agents.

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Auditing, Compliance, SMSF

Auditor independence issues persist

Auditor independence

The ATO is continuing to identify cases where auditors are breaching the independence standards outlined in APES 110 and failing to meet their regulatory obligations.

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Administration, Retirement, SMSF, Superannuation

Control now of greater importance

SMSF motivation control

The need to have greater control over their superannuation is becoming an increasingly important element motivating individuals to establish an SMSF.

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Compliance, Legislation, Regulation, Superannuation

Super objective scope unclear

Superannuation objective

Draft legislation to enshrine the objective of superannuation into law does not include any guidance as to whether auxiliary measures would need to align with it.

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Documentation, NALI/NALE, SMSF

Zero fees a NALE trap

SMSF fees zero NALE

SMSF practitioners bundling service fees into other costs paid by a trustee will raise questions as to what has been charged and may lead to the ATO viewing that charge as a NALE breach.

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