ATO figures throw fresh light on SMSF operating expenses

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The ATO’s 2017-18 Statistical Overview of SMSFs shows the median “operating expense” of SMSFs is $3,923 a year, a more appropriate indication of their basic operating cost compared with the $13,900 total average expense figure highlighted in a recent SMSF Fact Sheet. SMSF Association CEO John Maroney says: “We welcome this latest data from the ATO on […]

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Technical Day agenda adds concurrent stream, thought leadership

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The SMSF Association Technical Day will be bigger and better in 2020 – COVID-19 notwithstanding. The addition of a concurrent stream means there will be more sessions delivered than ever before and the line-up of speakers is the most impressive ever assembled for a Technical Day. The virtual event, to be held on 29 July, […]

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Move to give advisers more time to meet FASEA requirements lauded

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The passing of legislation giving the financial advice profession more time to complete the Financial Adviser Standards and Ethics Authority (FASEA) exam and meet the qualification requirements has the full support of the SMSF Association. The Treasury Laws Amendment (2019 Measures No. 3) Bill 2019, which passed the Senate today with bipartisan support, will give […]

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SMSF advisers need to be alert to new work test, spouse contributions

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The Government’s commitment to increase the age when the work test starts to apply from 65 to 67 and the age limit for spouse contributions from 69 to 74 before 1 July 2020 has the full backing of the SMSF Association. The amendments to the SIS Regulations give effect to the first two elements of the 2019-20 […]

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SMSF Association appoints Peter Burgess to Exec Role

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The SMSF Association is pleased to announce it has appointed Peter Burgess as Deputy CEO and Director of Policy and Education, effective from 1 June 2020. Burgess worked at the Association as Technical Director for three years before joining the SMSF administrator SuperConcepts in 2013 as General Manager, Technical Services & Education. He also served […]

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SMSF 2018-19 annual returns deferred to 30 June

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The Australian Tax Office’s announcement yesterday allowing an automatic deferral of SMSF lodgments to 30 June is further evidence of its flexible approach to issues during the COVID-19 (coronavirus) crisis and must be applauded, says SMSF Association CEO John Maroney. “In these very difficult times, we have been able to work constructively with the ATO […]

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Salary relief throws lifeline to small businesses

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The Federal Government’s $130 billion JobKeeper payment announced yesterday, when coupled with earlier measures in response to the economic fallout from COVID-19 (coronavirus), will provide vital support to small business owners, many of whom have self-managed super funds (SMSFs). The SMSF Association CEO John Maroney says: “The $130 billion package, the third assistance tranche announced […]

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SMSF Association endorses Government’s latest stimulus package

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The SMSF Association supports the Federal Government’s latest stimulus package announced today, particularly those measures that will assist self-managed super fund trustees cope with the economic and social upheaval caused by COVID-19 (coronavirus). SMSF Association CEO John Maroney says: “The country is in unchartered waters, so we fully endorse the new measures the Government has […]

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Proposal to enhance flexibility for super payments endorsed

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The Government’s decision to draft laws to assist Australians aged 65 and over to boost their retirement savings has the full support of the SMSF Association. The proposed legislation, which will amend the Superannuation Industry (Supervision) Regulations 1994, will allow people aged 65 and 66 to make voluntary contributions without meeting a work test and […]

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Proposal to outlaw ‘hawking’ of financial products gets thumbs up

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The draft legislation that seeks to implement the Financial Services Royal Commission recommendation to outlaw the “hawking” of financial products has the backing of the SMSF Association. As part of its 14-page submission to the Financial Services Reform Taskforce on the proposed legislation to implement 22 Royal Commission recommendations, the Association says: “Financial products should […]

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