Preservation age, work test in government’s sights
Sarah Kendell
Increasing the preservation age to 67 and scrapping the work test are likely to be high on the government’s super reform agenda in the med
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Using existing companies as SMSF trustees too risky
SMSF trustees looking to save money by having their existing company act as trustee for their fund should be warned that there are additiona
Royal Commission driving financial services complaints spike
Following the royal commission, a growing number of Australians are complaining about financial services providers, with two regulators seei
ECPI bonus from reversionary pensions
Retired SMSF trustees who inherit a reversionary pension on the death of their spouse can benefit from an extra amount of exempt current pen
FASEA grilled on treatment of experienced advisers
The Financial Adviser Standards and Ethics Authority has been taken to task regarding how its professional requirements have ignored adviser
‘The time has come’: Joint accounting bodies lobby for regulatory framework overhaul
Australia’s three major professional accounting bodies have now re-established the joint accounting bodies alliance in a bid to campaign a
Hopes for further ‘wiggle room’ on NALI application
The ATO’s draft ruling around the application of new non-arm’s length income rules may contain further “wiggle room” when it comes t
Practitioners resisting change on investment strategy
The majority of SMSF practitioners are still resisting the idea of putting further consideration into the investment strategies of their cli
Late SG contribution tax deductibility issue flagged
Accountants have been warned on a misconception that treating a late superannuation guarantee contribution as non-deductible will deal with
ATO considers non-compliance notices for lapsed lodgers
The ATO may consider further action to spur on SMSF trustees to lodge their annual returns on time, including making funds non-complying whe
Real-time TBAR necessary for APRA fund rollovers
It is imperative that SMSF advisers report pension rollovers to APRA-regulated funds as soon as the rollover occurs to avoid double counting
Impact of a mortgage improves engagement with super
Taking out a home loan is a major trigger for Australians to engage with their superannuation, research has shown.
Downsizer contributions offer more than meets the eye
Retiree clients looking to sell their property can often contribute more to their SMSF than expected through the government’s recently int
Australians’ wealth increasing as debt rises
Real wealth across Australian consumers has increased at a higher level than household debt over the past 12 years, but has seen a decrease
Current pension documents key to avoid legal risk
SMSF trustees and auditors are risking legal action by not having up-to-date pension payment documents in place for the current year, accord
AFCA recruits customer service head
The Australian Financial Complaints Authority has named a former director of a state transport authority to lead its customer service and re
Hold off on account closure during SMSF wind-up
SMSF trustees looking to wind up their fund would have to consider any liabilities needing to be paid as part of the winding-up process befo
ASIC SMSF management data skewed by professional investors
The majority of SMSF trustees spend less than 50 hours a year managing their fund. However, the larger numbers quoted in ASIC’s recent fa
Steer clear of managing tax affairs cap, government told
Caps on specific deductions, such as the deduction for the cost of managing tax affairs, are “selective and distortionary”, the governme
Super system maintains high world ranking
Australia’s superannuation system has been rated the third best pension system in the world, scoring particularly strongly when it comes t
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