ATO

Superannuation

Did APRA miss super failings because of poor data?

APRA could have identified poorly performing superannuation funds sooner and before the Royal Commission if it had actually collected and used the right data, according t...

SMSF

PC still presenting unreliable SMSF data: Class

While the Productivity Commission modified its earlier findings to better reflect true SMSF returns in its final report, Class has warned that aspects of its calculations...

Financial planning

Super fund telephone consultant gave wrong personal advice

Superannuation funds have been placed on notice about the dangers of their telephone consultants drifting into their area of specific personal advice, with a fund ordered...

Policy & Regulation

Tax agents banned following consumer complaints

Two registered tax agents, QTR Accountants and Nicoh Group, have had their registrations terminated following 19 consumer complaints about their conduct....

SMSF

Minimum SMSF balance of $250,000 more accurate

SuperConcepts has warned that the Productivity Commission’s revision of the minimum viability threshold for SMSFs to $500,000 is misleading, saying a figure of half that ...

Superannuation

Australians need easy way to manage super

The financial services industry needs to make it easier for Australians to manager their super and help reduce the risks of unnecessary fees, according to Dixon Advisory....

Policy & Regulation

Foreign nationals forced to sell $380 million of illegal real estate

The Coalition has forced the sale of $380 million worth of real state that was illegally acquired by foreign nationals. ...

Policy & Regulation

90% negative on franking credits impact

Nearly 90 per cent of investors responding to a survey believe the Federal Opposition’s proposed removal of refundable franking credits will reduce their quality of life....

Superannuation

Gov to improve courts’ visibility of super assets

A new information-sharing initiative announced as part of the Women’s Economic Security Package will improve the Family Court’s visibility of the superannuation assets of...

Superannuation

New pension rules raise adviser workload: SMSF Alliance

New pension rules, combined with the ATO’s revised treatment of some existing practices surrounding exempt current pension income, have increased the workload of administ...

Superannuation

AIST lauds move to ensure member insurance not lost

The AIST has welcomed an announcement from the Federal Opposition that it will move to amend key measures in the insurance in superannuation package now before Parliament...

Policy & Regulation

TPB signals focus on professional standards

The Tax Practitioners Board has revealed it currently has around 400 current investigations into tax practitioners, as the Federal Court upholds its decision to ban a for...

Superannuation

Commercial lender rails against possible LRBA ban

Commercial property lender Thinktank has urged regulators and the Government not to ban the use of limited recourse borrowing arrangements within SMSFs....

Superannuation

ASFA urges Govt to expand work test exemption

ASFA is encouraging the Government to consider expanding access to the exemption from the contributions work test to individuals with a total superannuation balance under...

Policy & Regulation

ATO refines data-matching of share trades

Advisers and their clients have been put on notice to maintain a tighter focus on share trades with the Australian Taxation Office now capable of matching share trades ag...