Katarina Taurian writes an article for the website SMSF Adviser wherein she writes that in comparison to the APRA, the SMSF sector is more vulnerable to the deceit of money launderers and organized criminals. One top reason cited for this is the fact that SMSF owners are often quite disengaged from their money pool and any fraud may not be detected till they take stock close to retirement.
Super News
A SMSF Tax Registration Called For
Tax agents looking to indulge in SMSF services must procure a specific registration, asserts an SMSF administration. An article on the website Accountants Daily reports on the issue. Enhanced regulation will help tighten the structure of SMSF and keep detractors at bay.
Is your SMSF and SME Too Close for Comfort
Auditors of Super funds report various SMSF contraventions to the ATO. Among them, breach of the arm’s length rule and unlawful separation of the personal asset-SMSF asset feature prominently. Super specialists feel that those SMSF owners who also own SMEs are more prone to making ‘ATO’ mistakes.
SMSF Owners Are Against More Tax on Super
An article on the Professional Planner talks about the reluctance of SMSF owners when it comes to more taxes on Superannuation. They feel that taxation should primarily be aimed to provide a smooth retirement savings system for Australian investors.
SMSF owners are not too keen on the possible recommendations that the Tax White Paper might make. It believes that imposition of more tax and restricting the size of accounts can’t be the answer to any problem.
You can read the original article here.
Awards Program to Felicitate SMSF practitioners
A national awards program has been launched in June that will let property investors select their favourite SMSF practitioner. The idea is to felicitate those practitioners who iron out the process of investment and make all its steps smooth; the steps may include selecting a buyer’s agent to undertake property negotiation, selecting an accountant for engaging in tax efficiency and developing a powerful portfolio. An article on SMSF Adviser Online reports.
This, above all, is an opportunity for SMSF practitioners to get closer to their clients and procure feedback from them.
You can read their original article here.
Is SMSF the Right Venture for You?
There is no denying the merits of an SMSF enterprise. They offer typically greater control and flexibility over your investments. However, they are not easy to maintain and can ask for your time, money and knowledge. Further, prudential regulations do not apply to the SMSF sector and hence you will be in a vulnerable place if someone defrauds you.
