While the demand for financial advisers this year has declined, the number of SMSF trustees using accountant for financial advice has risen. A report released by FSC/UBS Asset Management SMSF shows that about 30 per cent of SMSF trustees used the service of accountants this year,...
The CGT Relief (Cost Base Reset) provides relief to trustees of superannuation funds and Self-Managed Superannuation Funds (SMSFs) from the tax consequences for capital gains accumulated before 1 July 2017 where these gains would have been exempt income if realised prior to a commutation being...
According to ASIC, hundreds of limited licence applications are expected to remain unprocessed until next year most of which are from poor quality. As announced by Warren Day, the ASIC senior executive said that there is “no straightforward answer” regarding when ASIC will be able to process...
A warning was released by a mid-tier firmed that ATO is in radar on superannuation by obtaining more than 100,000 insurance policies to identify a non-compliant reporting. ATO is aiming to identify assets that are not properly accounted for or taxed. The tax office will use...
Due to non- lodgement of annual statements, ASIC cancelled the registration of 133 approved SMSF auditors. These auditors were alerted by ASIC for a series of warnings that their registration will be cancelled if no lodgement made on outstanding statements. Out of the 800 auditors,...
The Project Super Scheme Smart was launched by ATO aiming to educate individuals and advisers about possible risks of retirement planning schemes. This is part of ATO’s broader focus to tax avoidance schemes – it gives targeted information for accountants, financial planners and other advisers...