On 1 November 2021, we saw the launch of the Australian Business Registry Services (‘ARBS’), which forms part of the Government’s ‘Modernising Business Registers (MBR) Program’ to unify the Australian Business Register (ABR) and 31 business registers administered by the Australian Securities and Investments Commission (ASIC) onto a single platform. This platform is administered by…
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As trustees and practitioners work through the annual compliance work for the 2021 financial year, the Australian Taxation Office (ATO) is provided a timely reminder (QC 67071) that SMSFs need to regularly review the fund’s SMSF investment strategy to help meet their investment and retirement goals. The investment strategy is not designed to be a…
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The Federal Government announced a number of proposed changes to super and SMSFs in this year’s Federal Budget (2021-22) – see our previous blog post. Many of these were lauded as positive for superannuation – expanding contribution opportunities, along with addressing long overdue SMSF issues with legacy pensions and the inequities in the existing residency…
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The introduction of SuperStream measures from 1 October 2021 for the rollovers to and from SMSFs aims to create a faster and more efficient was to process rollovers with fewer errors. It brings the SMSF sector into line with the rest of the super industry where SuperStream is used for digital transactions. Whilst many SMSFs…
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The Government has released an exposure draft for the introduction of a retirement income covenant within the SIS Act from 1 July 2022, with SMSFs a notable absentee. This is a distinct change from the position paper that was subject to consultation over the past couple of months which was clear that the covenant would…
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