News

Impressive list of speakers for 2019 SMSF + Investor Expo: SMSF Association

June 19, 2019June 19, 2019

The list of speakers lined up for the second SMSF + Investor Expo is “impressive”, says the SMSF Association. This is the second year for the SMSF + Investor Expo – being held later this week, in Melbourne – which is presented by the SMSF Association. The speakers at the… Read More »

Deeming rates should be brought in line with interest rates: Seniors

June 18, 2019June 19, 2019

It is “almost impossible” to find a term deposit matching the age pension deeming rates, and so the rates should be cut to bring them back in line with interest rates, says a seniors organisation. Advocacy organisation National Seniors Australia has called for the age pension deeming rate to be… Read More »

20% of small businesses think STP doesn’t apply to them

June 17, 2019June 19, 2019

It is less than a month before small businesses have to start using STP, but a survey finds 20% of them don’t think they have to use the new system. 20% of small businesses owners incorrectly think Single Touch Payroll (STP) doesn’t apply to them, with less than a month… Read More »

APRA uses new directions power, puts licence conditions, on AMP super

June 17, 2019June 19, 2019

APRA has used its new directions power, and imposed additional licence conditions, on AMP super. APRA announced that it has issued directions and put new licence conditions on AMP Superannuation Limited and N.M Superannuation Proprietary Limited – which both make up AMP Super. The prudential regulator said it had done… Read More »

ATO sent incorrect excess non-concessional contributions determinations

June 14, 2019June 19, 2019

The ATO sent incorrect excess non-concessional contribution determinations to some clients, and is now taking steps to fix the issue. The ATO says it has identified a “system error” that led to it, inadvertently, sending “incorrect pre-dated excess non-concessional contributions determinations to clients”. In response, the ATO says it will… Read More »

ASIC alleges conflicted remuneration around SMSF property advice

June 13, 2019June 19, 2019

ASIC has started Federal Court proceedings against two companies, alleging conflicted remuneration around SMSFs, in what may be the first case of its kind. The regulator announced that it has commenced civil penalty proceedings against R M Capital Pty Ltd and The SMSF Club Pty Ltd. “ASIC alleges that SMSF… Read More »

53% unaware of changes to insurance in superannuation on 1 July

June 12, 2019June 19, 2019

Over half of Australians are unaware of changes which could mean they lose insurance cover they have in their super fund from 1 July. A study conducted for the Association of Superannuation Funds of Australia (ASFA) found that 53% of those surveyed were unaware of the changes to insurance in… Read More »

BGL first to release software for 2019 SMSF Annual Return

June 11, 2019June 19, 2019

BGL says it is the first company to release software updated for the 2019 SMSF Annual Return. “BGL is proud to announce the release of its Simple Fund 360 2019 Tax Time software to clients,” said the company. “The new software includes the 2019 SMSF Annual Tax Return, all the required supporting… Read More »

SMSF members at risk of losing insurance on 1 July, Association warns

June 7, 2019June 19, 2019

Some SMSF members are a risk of losing insurance cover on 1 July 2019, the SMSF Association has warned. Under legislation passed in February, members of APRA-regulated super funds with an account that has been ‘inactive’ for 16 consecutive months will lose insurance cover unless they specifically direct otherwise. While… Read More »

Permanent financial services ban after false evidence given to ASIC

June 6, 2019June 19, 2019

Another financial adviser has been banned as part of ASIC’s Wealth Management Project, this time involving retrospectively creating advice documents, failing to act in the best interest of clients, and failing to give advice documents to clients. ASIC announced that it has permanently banned Perth-based adviser Phillip Emidio Bruni from… Read More »