ATO

Superannuation

ATO updates SMSF cost figures after outcry

The median ‘operating expense’ for a self-managed super fund is $3,923, according to the Australian Taxation Office, far lower than the $13,900 quoted in a recent SMSF fa...

Policy & Regulation

ISA welcome ATO clamp-down on early release misuse

Industry Super Australia has backed the Australian Taxation Office’s promised crack-down on the misuse of early release superannuation, particularly with respect to tax m...

Superannuation

10 super funds still accounting for 60% of early release payments

Big, highly-exposed superannuation funds continue to make the bulk of hardship, early release superannuation payments....

Superannuation

Fund reveals how ATO revoked early release requests

A major industry fund, LUCRF has revealed the manner in which the Australian Taxation Office has at first approved hardship early release superannuation requests and then...

Policy & Regulation

Tax agent banned for tax avoidance scheme

The Tax Practitioners Board has terminated the registration of former KPMG partner, Christopher Allenby....

Superannuation

AFCA hit by super early release complaint surge

The Australian Financial Complaints Authority has been hit by a surge of complaints relating to hardship early release superannuation, with many based on superannuation f...

Superannuation

Trustees take 3.3 days to pay early access to super scheme

Since the start of the scheme in April, 94% of payments were made within five business days, according to data....

Policy & Regulation

APRA put under pressure to consider early access scheme

The Australian Prudential Regulatory Authority was given less than one day to consider the early access to super scheme. ...

Policy & Regulation

74 tax practitioners in trouble over SMSFs

Seventy-four tax practitioners are going to have to explain themselves to the Tax Practitioners Board over possibly fraudulent SMSF annual returns and face sanctions if t...

Tools & guides

A brave new financial world

With the Budget postponed until October, the economic stimulus measures implemented for COVID-19 mean advisers have to contend with a whole new world, writes Jeff Scott....

Superannuation

Early release fraud – members will pay

Superannuation funds may not have been responsible for the $150,000 early release fraud being investigated by the Australian Federal Policy but their members will ultimat...

Superannuation

Rest completes $700m early release payments

The industry super fund has paid a total of $693.4 million to over 100,000 members in early super release payments....

Financial planning

JobKeeper guidance helps set practical ground rules

ATO guidelines on JobKeeper legislation will help accountants better understand when the integrity rules will or will not work....

Features

How SMSFs are weathering the COVID-19 storm

Self-managed superannuation funds have been weathering the COVID-19 storm, writes Mike Taylor, but should be alert to the price they may be asked to pay as part of the re...

Superannuation

Young, low balance members dominate early release

With the average early release superannuation draw-down standing at slightly over $8,000 and with the load spread across virtually superannuation funds, the industry is h...