News

Auditing

SMSF audit announcement welcomed

SMSF audit cycle

The elimination of any policy consideration to change the yearly SMSF audit cycle confirmed in the October federal budget has been welcomed.

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Compliance & Regulation

Residency rule isolation could be concerning

Superannuation residency rules

Singling out delaying the amendment to the superannuation residency rules in the new Labor government’s first budget could be a bad sign.

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Downsizer

Cost of downsizer age reduction revealed

downsizer age reduction

A further reduction in the eligibility age for downsizer contributions will cost the government very little each year, according to the budget papers.

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SMSF Awards

Top service providers recognised

SMSF service provider awards

The leading providers of services to SMSF trustees have been named in the sector’s longest-running awards presented by smstrusteenews and research house CoreData.

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NALI/NALE

NALE issue flagged with new government

government NALE

It has been confirmed the new Labor government has been notified about the flaws in the non-arm’s-length expenditure legislation.

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Financial Advice, Tax

Two tax agents deregistered

tax agents registration terminated

The Tax Practitioners Board has terminated the registration of two tax agents for dishonest conduct in regard to the veracity of SMSF audits.

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Investments

Market forecast reliance should be limited

Market forecasts

Individuals should not lend too much weight to market forecasts to determine the asset allocations within their investment portfolios.

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Business news

Compliant funds will lose from balance limit

large superannuation balances cap

Placing a cap on SMSFs with large balances would punish funds that have and are operating under government-approved superannuation rules.

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Investments

Right time to rebalance portfolios

rebalance investment portfolio

Individuals should currently be undertaking an investment portfolio rebalance to strengthen their capital protection and lower their overall risk.

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ATO, Financial Advice

Adviser status needs checking

SMSF adviser status

SMSF trustees have been reminded to check the status of any advice provider they use in the establishment and running of their fund.

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