Caution urged on 20% threshold proposal for auditor referral fees

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The SMSF Association is urging caution on introducing a 20% threshold for auditor referral fees as outlined in the Accounting Professional & Ethical Standards Board’s draft amendments to the APES 110 Code of Ethics for accountants. SMSF Association CEO John Maroney says: “We are concerned that introducing a threshold will become a dominant focus of these draft amendments

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ASIC levy relief for advisers gets thumbs up

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The SMSF Association welcomes the Federal Government’s decision to provide temporary and targeted relief on ASIC levies for financial advisers. The decision means the ASIC levies charged for personal advice to retail clients will be $1,142 per adviser – the 2018-19 level – for the next two years (2020-21 and 2021-22). The flat per licensee charge

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Measured approach needed to retirement income covenant

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The SMSF Association is calling for a measured approach to the introduction of the proposed retirement income covenant for superannuation fund trustees. In response to Treasury’s recent position paper, the SMSF Association says it welcomes measures that seek to increase member engagement with their superannuation and, importantly, planning for their retirement. However, it is essential

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SMSF Association urges rethink on NALE

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The SMSF Association is urging the Federal Government and the Federal Treasury to review the non-arm’s length expenditure (NALE) rules following an ATO ruling handed down yesterday. Peter Burgess, Association Deputy CEO/Director of Policy & Education, addressing the organisation’s Technical Summit today, says the ATO ruling is the outcome of changes made to the non-arm’s length

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SMSF Association appoints two Board members

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The SMSF Association has recently appointed two new Board members. They are Professor Deborah Ralston, a former Chair of the Association who stepped down in September 2019 on being appointed by Treasurer Josh Frydenberg to the three-member Retirement Income Review panel, and Bryan Ashenden, Head of Financial Literacy & Advocacy at BT, Westpac’s wealth management

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SMSF Association welcomes release of the 2021 Intergenerational Report

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“The intergenerational report (IGR) clearly illustrates the importance of building superannuation savings to offset the growing liabilities related to an aging population”, according to John Maroney, CEO of the SMSF Association. Australia’s superannuation assets are already the 4th largest pool of such assets in the world. The IGR forecasts that asset pool will increase from

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SMSF member increase to provide greater flexibility and choice

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The Parliament has passed legislation allowing an increase in the maximum number of SMSF members from four to six – a Federal Government initiative the SMSF Association welcomes. If the Bill receives Royal Assent by 30 June 2021, this measure will take effect from 1 July 2021. SMSF Association CEO John Maroney says: “As we

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Single advice disciplinary body gets SMSF Association’s support

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The SMSF Association has thrown its support behind the establishment of a single advice disciplinary body, calling it a critical reform for the financial advice sector. SMSF Association CEO John Maroney says: “We support the policy intent to simplify the regulatory environment for financial advisers. The changes, set to take effect on 1 January 2022,

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SMSF Association measures adopted in positive Budget for SMSFs

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The SMSF Association has applauded measures in this year’s Federal Budget that aim to reduce complexity and make it easier for older Australians to top up their superannuation. Commenting on the Federal Budget that was handed down this evening by Treasurer Josh Frydenberg, SMSF Association CEO, John Maroney, says after a few quiet budgets for

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Technical Summit returns to face-to-face forum with focus on workshops

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The SMSF Association Technical Summit will be a face-to-face event as COVID-19 restrictions ease. The premium event will include a highly interactive workshop discussion and problem-solving Summit on 21-22 July on the Gold Coast that will allow SMSF specialists to network in person for the first time since the February 2020 National Conference. SMSF Association

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