Class announces integration with Cloudoffis
Sarah Kendell
SMSF software provider Class has announced a deeper integration deal with SMSF preparation and audit platform Cloudoffis that could potentia
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LightYear Docs launches specialist SMSF will
Superannuation document provider LightYear Docs has launched a specialist will for SMSF trustees, which aims to circumvent problems with leg
New rules impacting Victorian LRBA holders
Victorian SMSF trustees must lodge declarations of trust relating to LRBAs with the State Revenue Office (SRO) for duty assessment under rec
FASEA releases September exam results
The Financial Standards and Ethics Authority has announced the results of its second exam held in September.
Sarah Kendell
NALI warning –– draft LCR 2019/D3
Draft Law Companion Ruling LCR 2019/D3 contains a very draconic application of the newly amended non-arm’s length income (NALI) and expend
Risks abound in small business CGT exemption
Trustees looking to contribute proceeds of the sale of their business into their SMSF should be aware of the risks, given the ATO’s strong
AAT denies 30-year-old death benefit appeal
A widow’s attempt to appeal non-payment of super benefits following the death of her ex-husband 30 years ago has been struck down by the A
Advisers should be on guard for section 55 breaches
The rising incidence of legal challenges around SMSF death benefits is increasing the likelihood by which financial planners or accountants
Adviser cops 4-year ban over SMSF advice
A former Sydney adviser has been banned from providing financial services for four years after ASIC found he had failed in his duties to act
ATO provides clarity over portal closure
Delaying the closure of the ATO’s old tax and BAS agent portals would put a “significant risk” on the agency’s move towards a single
Splitting cash assets for stronger returns
With very little returns on cash investments, it makes sense to consider other alternatives for your “cash bucket”, and investors would
New tool to bolster consumer transparency on AFCA complaints
The Australian Financial Complaints Authority (AFCA) has rolled out a new online tool which enables consumers to track complaints made again
ASIC supportive of less regulation for TFAs
The corporate regulator has expressed its support for reduced duplication when it comes to regulation of tax financial advisers (TFAs), but
Sarah Kendell
How to pass the sole purpose test
Making sure an SMSF passes the sole purpose test (SPT) is one of the cornerstones of operating a compliant SMSF. One of the most important t
Industry split on best way forward for SMSF advice
A large proportion of SMSF professionals would still like to see the accountants’ exemption returned, but the industry is split on how to
2 SMSF auditors disqualified
ASIC has moved to disqualify two SMSF auditors and add conditions to the licence of a third.
Inquiry mute on dedicated compensation for ATO outages
Accountants hoping for easier access to compensation for major ATO system outages have had their hopes all but dashed, with a review failing
Vacant land tax changes could hit SMSF developments
Recently legislated changes to tax deductions for vacant land could affect SMSFs that have bought land with the intent of constructing resid
Rising interest in deductible contributions
Tax-deductible super contributions made on a one-off basis are proving popular with SMSF trustees that are starting to ramp up their concess
Preservation age, work test in government’s sights
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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