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Number of SMSFs established reaches new low at end of 2018

  • March 20, 2019March 19, 2019
The number of SMSFs being started has continued to shrink in the December 2018 quarter, with only 4,296 funds started according to the latest ATO statistics. 4,296 is the lowest number of new SMSFs started in any quarter since at least March 2008. The December 2017 quarter had 6,249 SMSFs… Read More »Number of SMSFs established reaches new low at end of 2018

Increasing SMSF member cap could help funds use franking credits

  • March 19, 2019March 18, 2019
The SMSF Association says the proposal to increase the SMSF member cap from four to six could allow SMSFs to use more franking credits under Labor’s change, and help fund enter into purchases of large assets. In last year’s Budget the Government announced a proposal to increase the maximum number… Read More »Increasing SMSF member cap could help funds use franking credits

10 years jail for dishonest conduct with SMSF investors’ money

  • March 19, 2019March 18, 2019
A former financial adviser has been sentenced to 10 years jail for dishonest conduct with investor funds, in relation to SMSFs. ASIC noted that the District Court of New South Wales had sentenced Gabriel Nakhl to 10 years imprisonment, after he convicted on eight charges in June. The charges had… Read More »10 years jail for dishonest conduct with SMSF investors’ money

Women not confident they will have enough for a comfortable retirement

  • March 18, 2019March 18, 2019
Women, and particularly young women, are not confident they will have enough money in their retirement, a survey has found. Only 30% of women have a high degree of confidence they will have enough saved for a comfortable retirement, compared to 39% of men, the latest Qantas Super CSDA Retirement… Read More »Women not confident they will have enough for a comfortable retirement

Final franking credits inquiry public hearing to be held in Canberra

  • March 15, 2019March 14, 2019
The final public hearing of the Parliamentary inquiry into the implications of removing refundable franking credits will be held in Canberra. The last public hearing of the inquiry will be held on Tuesday 26 March 2019, a week before the next sitting of Parliament – likely the last before the… Read More »Final franking credits inquiry public hearing to be held in Canberra

ACTU supports industry fund call for inquiry into small SMSFs

  • March 14, 2019March 18, 2019
The Australian Council of Trade Unions (ACTU) has supported an industry super fund call for an inquiry into the performance of smaller SMSFs. Ian Silk, CEO of industry super fund AustralianSuper, told the Conference of Major Superannuation Funds that the industry fund sector would like a “revamped and smaller SMSF… Read More »ACTU supports industry fund call for inquiry into small SMSFs

Short deadlines for Protecting Your Super have super funds worried

  • March 13, 2019March 12, 2019
Super funds may not be ready to implement the Protecting Your Super package of measures by the deadlines, industry bodies have warned the Government. Last month the Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018 passed the Parliament. It caps some fees, bans exit fees, and stops insurance for… Read More »Short deadlines for Protecting Your Super have super funds worried

ATO releases list of low-cost and no-cost STP software solutions

  • March 12, 2019March 11, 2019
The ATO has released its list of low-cost, and in some cases no-cost, software for micro-employers to meet their Single Touch Payroll reporting obligations. Single Touch Payroll will apply to small businesses (19 or fewer employees) from 1 July 2019, including micro-employers – which the ATO describes as having between… Read More »ATO releases list of low-cost and no-cost STP software solutions

ASIC takes action against seven SMSF auditors

  • March 11, 2019March 8, 2019
ASIC has taken action against seven SMSF auditors, including disqualifications, suspensions, and imposing conditions on registrations. “The actions arose following ASIC concerns about audit quality, independence issues, failures to meet the fit and proper person criteria or other matters,” said ASIC. Two of the people, Strat Karnas of Victoria and… Read More »ASIC takes action against seven SMSF auditors

ATO to send all SMSF auditors list of funds using their SAN

  • March 8, 2019March 7, 2019
The ATO will soon start sending SMSF auditors lists of the SMSF Annual Returns lodged using their SMSF Auditor Number, to tackle misuse of the numbers. SMSF Auditor Numbers (SAN) are used to identify registered SMSF auditors on SMSF Annual Returns. But they can also be misused. The ATO has… Read More »ATO to send all SMSF auditors list of funds using their SAN
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