The tax benefits of holding money in an SMSF come with a responsibility to follow the rules, and the penalties can be severe for what seem like innocent or mistaken breaches.
Tag Archives | compliance
The Royal Commission did good work but it is not above criticism: faced with limited time, it spent too long on some subjects and missed crucial issues that will impact millions.
After a year of analysing financial services like it has never been done before, the RC Final Report was released today with 76 recommendations which are expected to be adopted. What will change?
Two tenets of a successful investment philosophy: risk is the permanent loss of capital, and never succumb to either irrational exuberance or unjustified gloom. It takes discipline and strict adherence.
The transfer balance cap has required some large SMSFs to transfer pension money back to accumulation, and the two pools must be treated carefully to maintain the full benefits from superannuation.
Increases in longevity, and the numerous changes to the super system since inception, have mostly worked against self-funded retirees. Meanwhile, politicians and bureaucrats enjoy far superior retirement benefits.
Round 5 of the Royal Commission focused on superannuation. Conflicts of interest, trustee responsibilities and delays in meeting the legal obligation to transfer default clients to MySuper products featured.
What to do if super guarantee payments from multiple employers, combined with salary sacrifice arrangements, have resulted in a breach of the concessional contribution cap.
Amid the Royal Commission words like toxicity, rot, darkness and attrition, the super industry must rebuild trust with accessible, open and candid communication, and stop scoring own goals.
The ATO has issued an update on illegal early release of super, when an SMSF is worth having, reporting obligations and trustee checklists. Make sure you stay on top of the rules.
Going through ASIC’s pronouncements and corporate plans can help gauge whether a business is at risk. Big and small AFS licensees such as non-bank planners, accountants, and life advisers will be increasingly scrutinised soon.
The existence of segregated or unsegregated assets in an SMSF determines how the tax exemption on a pension is calculated, and timing is critical.
Readers made many insightful comments about trust in financial institutions last week, and we welcome further constructive feedback about the unbelievable cash laundering through CBA ATMs.
Superannuation and managed fund providers are finding new product disclosure requirements challenging, but the standards will allow better fund comparisons for consumers.