SMSF

Delivering value in spades It has been a difficult few years for financial advisers following the Royal Commission. The Commission uncovered some long-standing issues that were predominantly associated with the vertical integration of advice and investment management, resulting in a much needed professionalisation and cleanout of the industry. This has continued into 2020 with thousands…

The launch early in February this year of Australia’s first unlisted fund to be quoted on the ASX, by Magellan group and its administrator, Mainstream, took a while to sink in, not helped by the dislocation caused by the pandemic crisis. But, as Australia at least, is preparing to get back to business at some…

The $52 billion health sector focused industry fund HESTA announced the appointment of Alan Sheen as head of portfolio management this week. Sheen comes direct from the private sector, leaving the absolute-return firm he founded, Dalton Street Capital, to add further depth and support HESTA’s ambitious growth plans. Sheen will report directly to CIO Sonya…

Clients who have put off establishing a self-managed super fund due to the assumed high costs may be put at ease after the Australian Taxation Office released the median cost of an SMSF which is significantly lower than earlier reported figures. The ATO’s 2017-18 Statistical Overview of SMSFs shows the median operating expense of SMSFs…

Preliminary unofficial data on registrations of self-managed super funds (SMSFs) points to resurgent popularity of the vehicle. While Australian Taxation Office (ATO) data has not been officially updated, unofficial numbers have been shared at conferences showing a spike in registrations, reversing a trend of the last few years – indicating that Australia’s army of 1.1…

SMSF auditors have been put on notice after the Tax Practitioners Board (TPB) found several tax practitioners falsifying self-managed superannuation fund annual returns. Seventy-four tax practitioners have been identified after lodging 2017 and 2018 SMSF annual returns with an incorrect or fraudulently recorded SMSF Auditor Number (SAN). The review comes after the Australian Taxation Office…