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Highlights: SMSF quarterly statistical report December 2023ATO Self-Managed Super Fund quarterly statistical report – December 2023 is now available. It provides our latest statistics on the Self-Managed Super Fund (SMSF) sector.Highlights include:There are 614,705 SMSFs.There are 1, ...
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Financial Advice Registration Requirement ExtendedASIC has registered the ASIC Corporations (Amendment) Instrument 2023/730 (the "Amending Instrument"). The Amending Instrument puts in place further interim measures to delay the requirement (the "Registration Requirement") for "Relevant Provi ...
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Quality of Advice Review: Final Government response releasedThe Government has issued its final response to the Quality of Advice review report. The Quality of Advice review report, prepared by Michelle Levy and released on 8 February 2023, included 22 recommendations aimed at making financia ...
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SMSFs investing in propertyIf you're considering buying property using your Self-Managed Super Fund (SMSF) it's important you understand the rules relating to SMSFs and property.Firstly, the property can only be used for providing retirement benefits to the SMSF members otherwise it will brea ...
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Alert for changes made to your SMSFIf you make changes to your SMSF ATO will send you an alert for changes made to SMSF information.ATO may send you an alert via email or text message when:>you register a new SMSF>you change an existing SMSF'sFinancial institution account detailsElectro ...
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Financial Advice Education Standards Legislation passed‘The Bill delivers the Government’s election commitment to better recognise the experience of long-serving advisers by removing the tertiary education requirement for advisers with 10 years’ experience, a clean disciplinary record w ...
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Checking for charges over property assetsSelf-Managed Super Funds (SMSF) auditors should ensure there are no charges over fund assets as part of completing an annual fund audit.You should obtain evidence annually that trustees have not given a charge over or in relation to a fund asset by see ...
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Reasonable travel and overtime meal allowance amountsThe ATO has released its annual ruling setting out the amounts it treats as reasonable for 2023-24 in relation to employee claims for:> Overtime meal expenses: The reasonable amount is $35.65.> Domestic travel expenses: ...
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Financial Adviser Professional Standards and ExamTreasury has released draft legislation intended to refine the education and qualification framework for Financial Advisers. In particular, it will fulfil the Government's election commitment to better recognise the experience of long-serving a ...
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Super balances above $3m consultation paper releasedTreasury has released a consultation paper addressing the announcement to increase the tax rate for superannuation fund earnings from 15% to 30% for individuals with account balances above $3 million. The closing date for submissions is 17 ...
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