Compulsory super, speed up your retirement savings? The compulsory superannuation guarantee rate which is currently 9.5% is set to increase over the next few years.
Read more: Compulsory super, speed up your retirement savings?
SMSF contraventions, is compliance putting your fund at risk? SMSFs can be a great investment vehicle for those prepared to get the compliance side of things right.
Business Tax, Self-Managed Superannuation Funds
Read more: SMSF contraventions, is compliance putting your fund at risk?
Super deductions, get them right or the ATO will get you. Recent changes to the law mean many more Australians can now claim deductions for their personal super contributions.
Personal Tax, Super and Financial Planning
Read more: Super deductions, get them right or the ATO will get you
SMSF membership may soon be able to increase to six members. A large member group in an SMSF creates a number of important planning issues that need to be carefully managed.
Personal Tax, Super and Financial Planning, Self-Managed Superannuation Funds
Read more: SMSF membership may soon be able to increase to six members
Financial services complaint, call AFCA. Do you need help resolving a problem with a bank, credit provider or superannuation fund?
Business Tax, Super and Financial Planning
Read more: Financial services complaint, call AFCA to get help
SMSF trustees must watch their related party expenses. The tax laws that penalise uncommercial transactions between SMSFs and related parties are set to get tougher, with an SMSF’s expenses to come under the spotlight.
Business Tax, Super and Financial Planning, Self-Managed Superannuation Funds
Read more: SMSF trustees must watch their related party expenses
Bad SMSF trustee behaviour can lead to disqualification. A tribunal decision upholding the ATO’s call to disqualify an SMSF trustee from acting as a trustee again is a reminder of the importance of SMSF trustee responsibilities.
Personal Tax, Super and Financial Planning
Read more: Bad SMSF trustee behaviour can lead to disqualification
Review highlights failings in superannuation system. The Productivity Commission’s recent report on Australia’s superannuation system reveals some concerning weaknesses in the APRA regulated funds sector, particularly for millions of member accounts in “MySuper” default funds.
Personal Tax, Super and Financial Planning
Read more: Review highlights failings in superannuation system
Super guarantee non-compliance, an amnesty proposed. The government’s latest initiatives targeting non-compliance with superannuation guarantee obligations give businesses plenty to think about.
Read more: Super guarantee non-compliance, an amnesty proposed
LRBA changes may inadvertantly hinder SMSF gearing. Limited recourse borrowing arrangements have allowed many SMSFs to successfully invest in assets they otherwise would not have been able to acquire.
Super and Financial Planning, Self-Managed Superannuation Funds
Read more: LRBA changes may inadvertantly hinder SMSF gearing
Superannuation changes introduced to help womens super. In a raft of initiatives aimed at improving economic outcomes for women, particularly in the superannuation space, the government has proposed changes, including extending the ability to access early release of superannuation for women experiencing family and domestic violence, better visibility over superannuation in divorce/separation proceedings, and actively reuniting lost and low-balance inactive super accounts with their owners.
Read more: Superannuation changes introduced to help womens super
ASIC is lifting standards in the financial advisory industry. Education, training and ethical standards in the financial advice industry are about to be lifted, with the Australian Securities and Investments Commission (ASIC) releasing proposed updates to various competence requirements for financial advice licensees.
Read more: ASIC is lifting standards in the financial advisory industry
ASIC enforcement action on SMSF auditors over independence. ASIC has released information on its enforcement action against over 100 SMSF auditors (some referred to it by the ATO for various breaches including not meeting independence requirements, not complying with auditing standards, not reporting non-compliance, and not meeting the fit and proper person requirement).
Super and Financial Planning, Self-Managed Superannuation Funds
Read more: ASIC enforcement action on SMSF auditors over independence
ATO uses real time reporting data for SG compliance. The ATO is currently undertaking a project to move towards real time data or event-based reporting to enhance super guarantee entitlements compliance.
Read more: ATO uses real time reporting data for SG compliance
ASIC recommends SMSF reforms including trustee education. As a part of hearings into ASIC’s oversight functions, the regulator presented the Parliamentary Joint Committee on Corporations and Financial Services with a range of policy solutions to be considered to remedy deficiencies identified in the SMSF space from its recent reports.
Super and Financial Planning, Self-Managed Superannuation Funds
Read more: ASIC recommends SMSF reforms including trustee education