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Category: Blog

SMSFs and crypto-assets: ASIC warning about scams
20 Jan, 2022

ASIC has warned individuals about an increase in marketing and scams targeting people to switch from retail and industry super funds to self-managed super funds (SMSFs) to invest in crypto-assets (or cryptocurrencies). ASIC reminded super fund members that they should seek advice from a licensed ..Read More

eSAT to be decommissioned – transition to Online services for business
19 Nov, 2021

The electronic superannuation audit tool (eSAT) is decommissioning in early March 2022. Once it is decommissioned, you'll be unable to use eSAT to lodge with the ATO: new or amended Auditor Contravention Reports (ACRs)Audit Complete Advices (ACAs). Transition to Online services for business ..Read More

Super choice of fund: ASIC guidance for employers and trustees
21 Oct, 2021

ASIC has released the following guidance for employers and trustees in relation to recent law reforms impacting the superannuation choice of fund regime: INFO 89: Communicating with employees about superannuation fund choice: what you can and cannot doINFO 241: Prohibition of influenci..Read More

Retirement income strategy covenant: draft legislation released
01 Oct, 2021

Treasury on 27 September 2021 released the Exposure Draft - Treasury Laws Amendment (Measures for a later sitting) Bill 2021: Retirement income covenant . The Draft Bill with effect from 1 July 2022, will insert a new covenant in the SIS Act to require trustees of a registrable superannuation enti..Read More

SMSF audit relief extended to 2021-22
01 Oct, 2021

The ATO has also extended to 2021-22 its existing COVID-19 relief in the Addendum to the Auditor/actuary contravention report (ACR) which already applies to the 2019-20 and 2020-21 financial years. The ACR relief for 2021-22 applies for rental relief (including rental reductions, waivers and deferr..Read More

COVID-19 relief for SMSFs extended to 2021-22
01 Oct, 2021

The ATO has extended to 2021-22 the following administrative concessions for SMSFs impacted by COVID-19 that were offered for the 2020 and 2021 financial years: SMSF residency test  — if a trustee or director is stranded overseas due to COVID-19, the ATO will not apply compliance resources t..Read More

Super COVID-19 re-contributions form
16 Sep, 2021

The ATO has finalised its approved form to be used by individuals since 1 July 2021 to notify their super fund of re-contributions of COVID-19 early release amounts The ATO approved form (NAT 75394) only needs to be used by individuals making personal contributions to be treated as a COVID-19 r..Read More

Super contributions “work test” and COVID-19 disaster payments: APRA view
09 Sep, 2021

APRA has published new frequently asked questions (FAQ) on the interaction between COVID-19 disaster payments and satisfying the "work test" for the purposes of personal superannuation contributions. APRA FAQ No 15 warns superannuation trustees not to assume members aged 67 to 74 in receipt of ..Read More

Total super assets $3.3 trillion at June 2021
26 Aug, 2021

APRA has released its Quarterly Superannuation Performance for the June 2021 quarter reporting total super assets of $3.303 trillion at the end of the June 2021 quarter (up 14.7 per cent for the year due to strong investment performance and contributions growth). Total assets in MySuper were up 2..Read More

SuperStream extension to SMSF rollovers: auditor reporting obligations
26 Aug, 2021

The ATO has given trustees until 1 October 2021 to transition to SuperStream and advised that approved SMSF auditors only need to report contraventions arising from non-compliance with the SuperStream extension to SMSF rollovers, if the rollover is requested on or after 1 October 2021. The SuperS..Read More

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