Opinions

ASMA

SMSFs to power economy

Grant Abbot

There is no doubt SMSFs are a big sector of the economy and a favoured savings vehicle for those who aspire to lead a comfortable life in retirement. With $1 trillion expected to be in the sector, all things being equal, by 2020, it is a significant weight of money not to be messed with. 

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SISFA

ATO intentions to consider

It’s official. There are now over 1 million members in SMSFs with more than $558 billion in total assets held in over 500,000 funds. There are no signs of this growth slowing down either, with 30,000 new SMSF registrations again noted in 2013/14.

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IPA

Why SMEs need to innovate – or fail

Innovation is something that is original and the process of innovation can be viewed as the application of better solutions that meet new requirements

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CAANZ

Current status of auditor registrations

SMSF auditor registration has effectively been in place for 12 months now, with mandatory ASIC registration for anyone offering SMSF audit services from 1 July 2013. It is timely to reflect on what has changed since the introduction of this new regime and where the focus of the regulators lies.

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SMSFA

Time to look at the FSI interim report

Andrea Slattery

The timing could not be better. On 15 July, the Financial System Inquiry’s (FSI) interim report is due to be handed down, and just one week later, Jordan George, SMSF Professionals’ Association of Australia (SPAA) technical and policy senior manager, will address the opening SPAA State Technical Conference in Sydney on just what it all means.

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ASMA

Trustees give voice to concerns

Australian SMSF Members Association (ASMA) members are surveyed on a regular basis to get their views on specific subjects that relate to their SMSF. The surveys are quick but comprehensive and on average we receive 250-plus responses from each survey, and that is over a short 24-hour period.

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SMSFA

Contributions: still a moveable feast six years on

The imminent increase in the contribution caps from 1 July this year may sound like great news for most of us. The standard concessional contributions (CC) cap will go from $25,000 to $30,000 and for anyone who turns 50 or older during the next financial year, their CC cap will be $35,000.

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SISFA

Review now or be penalised later

Commencing from 1 July 2014, the Australian Taxation Office (ATO) will have a broad range of graduated penalties and administrative directions at its disposal to address any non-compliance of the superannuation laws, in addition to its existing powers. 

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CPA

The real impact of FOFA

Proposed amendments to the current Future of Financial Advice (FOFA) reforms are without doubt the most talked about issue in the financial services sector. 

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CAANZ

Change is the constant factor

The first day of the new financial year will mark the start of some significant changes for SMSFs and their service providers. A raft of legislative changes will impact on how SMSFs operate, with two major changes affecting accountants and auditors.

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