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
Reverse mortgage lending demand and retirement advice. Since the global financial crisis, demand for reverse mortgages have grown steadily.
Read more: Reverse mortgage lending demand and retirement advice
Super transfer balance cap and new reporting events. Now that the transfer balance cap has been introduced to limit the amount of capital that can be transferred into the tax-exempt retirement phase, the ATO now requires certain events that track the movement of capital to be reported in a timely manner, depending on your super balance.
Read more: Super transfer balance cap and new reporting events
Limited recourse borrowing arrangements (LRBA) and SMSFs. Limited Recourse Borrowing Arrangements (LRBAs) allow an SMSF to borrow money for the purchase of a single asset (or a collection of identical assets that have the same market value) to be held in a separate trust.
Super and Financial Planning, Self-Managed Superannuation Funds
Read more: Limited recourse borrowing arrangements (LRBA) and SMSFs
Setting up a SMSF, ensure it meets the sole purpose test. Setting up your own self-managed super fund (SMSF) can be a complex task even before you seek registration with the ATO. It’s important that the SMSF be set up correctly for the sole purpose of providing retirement benefits for their members.
Super and Financial Planning, Self-Managed Superannuation Funds
Read more: Setting up a SMSF, ensure it meets the sole purpose test
The sole purpose test is one the fundamental requirements for SMSFs to obtain tax concessions. It requires that the SMSF be maintained for the sole purpose of providing retirement benefits to its members or their dependents if a member dies before retirement.
Super and Financial Planning, Self-Managed Superannuation Funds
Read more: SMSF must have a sole purpose, does your fund comply?
Super Complaints Tribunal now handles super complaints.
Read more: Super Complaints Tribunal now handles super complaints