ATO cautions SMSFs on banking arrangements

The Australian Taxation Office has issued a reminder to self-managed super fund trustees that their fund must have a unique bank account. If it doesn’t, the fund may not be able to receive payments via SuperStream. The ATO says an…

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…

Now we are six

The self-managed superannuation sector has welcomed the Government’s decision to expand the number of members allowed in an SMSF, saying it will provide greater flexibility in how SMSFs are structured. The Minister for Revenue and Financial Services, Kelly O’Dwyer, announced…