New Treasury Minister rules out super tax changes

The Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator Jane Hume, has reassured self-managed super fund trustees there will no changes to the tax treatment of superannuation in this Parliamentary term. Hume also said the Government could consider…

Time to review insurance arrangements

Self-managed super fund members who have maintained an account with another fund so they can keep existing life insurance cover, need to review their arrangements ahead of changes to insurance in super next month. From 1 July, APRA-regulated super funds…

SMSF Association launches upgraded trustee website

The SMSF Association has launched a new website for self-managed fund trustees, offering a range of education and information services. The new site, SMSF Connect, replaces the Trustee Knowledge Centre. Association chief executive John Maroney says the new website makes…

SMSFA proposes LRBA safeguards

The use of personal guarantees in limited recourse borrowing arrangements should be banned but the borrowing arrangements themselves should be allowed to continue, an SMSF industry body has argued. The SMSF Association has also called for a more rigorous educational…

New SMSF reporting deadline looms

The Australian Taxation Office has issued a reminder to self-managed super fund trustees that a new event-based reporting framework has started and their first quarterly self-managed TBAR reports are due on October 28 – next Sunday. Trustees will have to…

Kavanagh

It would be a mistake to describe Scott Morrison’s announcement that the Government has scrapped its plan to increase the Age Pension eligibility age to 70 as anything as grand as a “policy decision”. What the Prime Minister was doing…

SMSF registration not a foregone conclusion

The Australian Taxation Office is taking a more rigorous approach to assessing SMSF registrations, as it seeks to impress on trustees that they are taking on a fiduciary responsibility. Tara McLachlan, acting assistant commissioner, SMSF segment, at the ATO, says…

SMSF Association draws a line in the sand over costs

The SMSF Association has taken issue with the Productivity Commission’s draft findings about the cost effectiveness of self-managed super funds (SMSFs), arguing the evidence used to reach this conclusion is “fundamentally flawed”. And the Commission’s focus on costs also fails…

SMSFs jump into the SuperStream

Self-managed superannuation funds will soon be handling some of their transactions through the SuperStream standardised electronic processing system that large funds use. The Government has released a draft of regulations that will extend the use of SuperStream to include self-managed…

Kavanagh

When the then head of the Financial Adviser Standards and Ethics Authority, Deen Sanders, spoke at an industry conference in February, he made it clear that his organisation was implementing a policy on adviser education and standards that involved major…