Approved SMSF auditors and fees
From www.dbalawyers.com.au: The ATO’s statistical overview for 2022-23 indicates that the average SMSF auditor fee remains steady at $641, with a consistent median fee of $550 over several years.… read more
Superannuation
Workers and businesses deserve certainty on payday super
From www.nationaltribune.com.au: The Super Members Council believe that Australian businesses and workers deserve bipartisan support for payday super reforms to address the $5 billion annual unpaid super issue and to ensure timely superannuation payments aligned with wage disbursements.… read more
$3000 Post-Budget lunches but no political donations
From financialnewswire.com.au: The Super Members Council has stated it does not make political donations, countering claims by NSW Liberal Party Senator Andrew Bragg.
The Council clarified that the $3,000 spent on attending post-Budget briefings organized by the Government and Federal Opposition was a common practice for many advocacy organizations.… read more
Wholesale investor rules of concern for SMSF sector
From www.accountantsdaily.com.au: The SMSF Association is urging the government to prioritise legislative amendments to clarify wholesale investor rules for SMSFs following recent Australian Financial Complaints Authority determinations that have created significant uncertainty in the industry.… read more
Documenting commutation requests Time frame
From www.smsfadviser.com: A time frame is essential when documenting a trustee’s decision to commute a pension.
Timing documentation must occur to allow accurate calculations, particularly relating to minimum requirements.… read more
Treasury drafts superannuation retirement income principles
From www.financialstandard.com.au: Treasury has drafted voluntary principles aimed at enhancing the design and delivery of superannuation retirement income solutions, expanding beyond the Retirement Income Covenant’s obligations.… read more
research shows retirees becoming world’s richest
From www.sbs.com.au: (Podcast) New research indicates that Australian retirees may become among the wealthiest in the world by 2031, potentially ranking second in retirement savings after the United States.… read more
Superannuation for Australian Expats: Building Wealth from Afar
From atlaswealth.com: Australian expatriates face significant retirement savings challenges due to the absence of Superannuation Guarantee contributions while living abroad, which can lead to substantial shortfalls.… read more
Voluntary disclosure requires early planning
From www.smsfadviser.com: Trustees considering a voluntary disclosure to the ATO regarding a compliance issue should create a rectification plan prior to contacting the ATO.
This preparation should demonstrate the trustee’s acknowledgment of the mistake and intention to prevent future issues.… read more
4 steps to deduction for personal contributions
From www.smsfadviser.com: To successfully claim a tax deduction for personal superannuation contributions for the 2024–25 financial year, individuals must complete four steps.
Failure to meet any of these conditions can result in the loss of the ability to claim the deduction, with the ATO lacking discretion to overlook non-compliance.… read more
Large Super funds alienate high-balance members
From www.professionalplanner.com.au: Higher-balance members are increasingly attracted to SMSFs due to the insufficient service levels from APRA-regulated industry funds, which provide a homogenous experience lacking personalized attention.… read more
Super Alert – 21 February 2025 – KHQ
From www.khq.com.au: ASIC has initiated a consultation proposing additional relief regarding the reportable situations regime, aiming to reduce the reporting burden for minor breaches.
A Senate Committee has published its third interim report on improving Australia’s retirement system, recommending enhanced governance and competency requirements for superannuation trustee boards.… read more
A serious attempt to fix retirement phase of super
From johnmenadue.com: Last year’s Treasury Discussion Paper highlighted the need for reform in the retirement phase of Australia’s superannuation system.
The Grattan Institute has proposed a comprehensive approach that includes encouraging retirees to annuitise their super savings and providing government-issued lifetime annuities and free expert retirement guidance.… read more
Commissioner flags SMSF risk behaviours
From www.accountantsdaily.com.au: The Commissioner of Taxation has commented on a rise in illegal early access of superannuation funds, resulting in the disqualification of over 660 trustees in the current financial year.… read more
Wholesale investor rules concern
From www.smsfadviser.com: The SMSF Association has called for urgent government action to amend legislation regarding wholesale investor rules for SMSFs following recent determinations by the Australian Financial Complaints Authority that have created uncertainty in the industry.… read more