ASIC has confirmed that it is not proposing to prescribe a mandatory minimum account balance for the establishment of self-managed superannuation fund (SMSFs). Speaking at the SMSF Professionals’ Association of Australia (SPAA) National Conference, ASIC Commissioner Greg Tanzer, said the account balance is just one factor ASIC considers when reviewing advice to set up an…
Speaking at the SPAA National Conference on 21 February 2014, Acting ATO Second Commissioner Alison Lendon said the SMSF sector was in “good shape” but noted there was a small minority of funds and professionals that do the wrong thing. Some emerging areas of concern were noted – these included: illegal early release; fraud; not reporting correctly…
ATO Deputy Commissioner Superannuation, Alison Lendon, has noted the Government’s proposed legislation giving the ATO new powers to address non-compliance by SMSF trustees. If the legislation is adopted, administrative penalties will apply to breaches of super law from 1 July 2014. This means SMSF trustees will be personally liable for penalties between $850 and $10,200 depending on…
The SMSF Professionals’ Association of Australia (SPAA) will introduce best practice guidelines on the complex area of limited recourse borrowing arrangements (LRBAs) to assist lenders and advisers. Speaking at the SPAA National Conference on Wed 19.2.2014, CEO Andrea Slattery, said SPAA is working closely with a wide range of stakeholders on LRBAs and will be…
Speaking at the SMSF Professionals’ Association of Australia National Conference Q&A session on Wed 19.2.2014, the Assistant Treasurer was asked whether he had addressed an issue concerning the Australian super fund definition and the inability for people when they travel overseas to be able to be able to contribute to their SMSF while they are…
More work is required to reform the penalties faced by self-managed super funds (SMSFs), according to Peter Burgess, Head of Policy & Technical at AMP SMSF. Speaking at the SPAA National Conference on Wed 19.2.2014, Mr Burgess welcomed the Government’s decision to proceed with the proposal to give the Tax Office more flexible powers to…
The SMSF Professionals’ Association of Australia (SPAA) and Russell Investments released their 2014 report, Intimate with Self Managed Superannuation, at the SPAA National Conference in Brisbane on Wed 19.2.2014. The report says that strong growth in the SMSF sector is expected to continue from younger generations. SPAA noted that those aged over 50 still dominate…
On 1 February 2014, ASIC issued the first SMSF auditor annual statements to affected auditors. All approved and suspended auditors are required to lodge an SMSF auditor annual statement as part of their registration. ASIC says SMSF auditors will receive an email notice on their registration anniversary date to advise them that their annual statement is ready…
ASFA has released submissions on the following superannuation items: SMSF in-house asset exemption for borrowing arrangements – ASFA believes that the Tax Office’s Draft Legislative Instrument – Self Managed Superannuation Funds (Limited Recourse Borrowing Arrangements – In-house Asset Exclusion) Determination 20xx will be effective in meeting its objectives. Broadly, the draft instrument proposes a specific…
ASFA has warned that the Government’s draft legislation to increase the account balance threshold above which lost superannuation accounts must be transferred to the Tax Office may leave some account holders without insurance cover. Currently, lost and inactive superannuation accounts with balances of less than $2,000 must be transferred to the Commissioner. The Exposure Draft – Tax…