Federal budget tipped to bring ‘sweeteners’ for super
Super User
With the federal election fast approaching and the fiscal position improving, an SMSF services provider predicts that there may be an increa
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6-member SMSFs ‘a solution looking for a problem’
The take-up of six-member funds is unlikely to be substantial with the idea of adding adult children to the fund unappealing to many SMSF tr
There’s hope for yearly audits, says ATO
The contentious three-year audit cycle proposal has copped significant opposition, and the ATO believes the current annual cycle is a more p
‘Inappropriate’ Medicare outcome flagged with franking credit denial
The interplay of the denial of excess franking credits with other taxes, levies and benefits has been largely overlooked in the current deba
Major bank toughens lending policy for commercial SMSF loans
From the end of this week, one of the major banks will be introducing stricter criteria for SMSF commercial loans including a minimum borrow
Licensees reminded on important CPD deadline for FASEA
A compliance firm has reminded licensees that they will need to have their CPD training policy published on their website and ensure trainin
Federal Court winds up parent company of SMSF firm
The Federal Court of Australia has made orders to wind up Linchpin Capital, the parent company of Beacon Financial Group, after it found tha
Regulators raise concerns about rise in non-bank SMSF lending
Off the back of the findings of a report by the Council of Financial Regulators, Treasurer Josh Frydenberg has decided the government will n
Trust deed updates flagged for 6-member SMSFs
While corporate trustee structures will generally make it easier for those SMSF trustees looking to have six members in their fund if the pr
ATO flags PAYG obligations for SMSFs with legacy pensions
The ATO has reminded SMSFs that are paying capped defined benefit income streams to members to ensure they are meeting their PAYG obligation
Adviser banned as ASIC continues BDBN document swoop
ASIC has permanently banned a former financial adviser for falsifying and backdating documents and falsely declaring to have witnessed signa
Over 40 SMSF firms to be hit by Westpac’s restructure
Westpac’s decision to stop providing financial advice and licensee services will impact at least 46 SMSF advice firms who currently operat
Another major lender scraps SMSF loans for residential property
One of the non-major banks has announced that it will stop offering SMSF loans for residential property from the end of next month, followin
Accountants exemption axing created ‘gap’ in SMSF advice: ATO
There is a clear gap in the SMSF advice market as a result of the accountants exemption being removed, according to the tax office.
SMSF software firm adds new management and document services
One of the major SMSF software firms has announced new integrations with SMSF document supplier Smarter SMSF and administration and complian
ATO rulings on low-interest loans reaching expiry, SMSFs warned
SMSF trustees who previously obtained private binding rulings from the ATO for related party borrowings on non-commercial terms have been wa
SMSF borrowing plateaus amidst property downturn, lending changes
Limited recourse borrowing arrangements saw a significant slowdown in growth during 2018, with the total value of LRBAs increasing by just 1
Westpac restructures SMSF services, exits advice
Westpac Group has announced that it will be moving its superannuation and SMSF services to its business division and exiting financial advic
SMSF service provider flags priorities for improving ECPI
An SMSF services firm says the government should look to remove the ban on segregation applying to funds with more than $1.6 million, with t
Tax commissioner sceptical of Labor’s $3k tax affairs cap
The tax commissioner has questioned some of the analysis used by Labor in justifying its proposed $3,000 cap on deductions for managing tax
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