Tag Archives: Legal

Auditors face new range of standards for Self-Managed Superannuation Funds

The Superannuation Laws Amendment (Capital Gains Tax Relief and other Efficiency Measures) Bill 2012 was passed yesterday, as well as new requirements that Self-Managed Superannuation Fund (SMSF) auditors will now be subject to a range of standards concerning their qualifications, … Continue reading

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SPAA Endorses the ATO as an Appropriate and Effective SMSF Regulator

  Darin Tyson-Chan in Morningstar reports -The Australian Taxation Office (ATO) is an appropriate and effective regulator of the self-managed superannuation fund (SMSF) sector and calls for greater scrutiny of the space from other industry sectors are unfounded, according to … Continue reading

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New Regulations for SMSF – Be Aware

  New regulations came into effect last week (August 7) adopting some of the changes to self-managed funds (SMSFs) that were recommended by the Cooper review. These regulations are aimed at improving the governance of SMSFs, particularly the way they … Continue reading

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Deferral of the 1 July proposed ban of off-market transfer in SMSFs

  At the recent meeting of the National Tax Liaison Group, Federal Treasury officials confirmed a deferral in the introduction of the proposed ban of off-market transfer in legislation for SMSFs which was to have taken effect from 1st July … Continue reading

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SIS Act wording is a possible concern for income protection cover

Self-managed superannuation fund (SMSF) trustees looking to take out income protection insurance inside their funds need to be mindful of the wording contained in the Superannuation Industry Supervision (SIS) Act if they are to avoid a counterproductive outcome, an insurance … Continue reading

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Warning – undiversified SMSFs with one asset could face being sued by beneficiaries

Self-managed superannuation fund (SMSF) trustees run the risk of being sued when undiversified SMSFs have one asset. If a fund is invested in only one asset or class of assets, beneficiaries can claim it prevented a higher return. “Though trustees did … Continue reading

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