Division 296: Criticism & SMSF Stressors Regarding the $3million Super Tax
With the Bill set to be introduced to the Lower House this week, it looks as though Division 296 legislation is set to be enacted by July 1 next year, despite concerns from Industry. The proposed “$3 million supertax” will impact less than 1% of Australians with a superannuation account in the 2025/26 financial year, […]
Changes to Superannuation Announced in the 2024-2025 Federal Budget
The delivery of the 2024-2025 Federal budget announcement included a number of changes to the superannuation system, but none were unexpected. The main theme of the changes in relation to superannuation is enhancing retirement savings to allow individuals a more dignified retirement. The key superannuation changes included in the budget include the following. It should […]
Demand Is Up, SMSF Auditors are Down. So, What’s Happening to SMSF Audit Fees?
A lot has changed in the SMSF landscape since ASIC commenced registration of SMSF Auditors in 2013. From a peak of more than 7,000 SMSF auditors in 2014, today, just 4,352 remain; in just a decade, the number of registered SMSF auditors has dropped by almost 40%. Most (72%) of registered providers have left the […]
A State of the SMSF Market for Financial Advisers
March 2024 Self-Managed Super Funds (SMSFs) continue to surge in popularity and value, representing a significant opportunity for advisers and accountants. In fact, in the last five years, an average of 24,000 SMSFs were established each month, with higher average starting balances and younger trustees than ever before. In the meantime, the number of registered […]
Analysis: the 2022/2023 Federal Budget
Last night the Treasurer, Josh Frydenberg, released the Government’s 2022-23 Budget. It featured a range of proposed measures including an extension of the 50% reduction to account-based (SMSF and Superannuation) income stream payments, targeted tax relief, and social security and aged care changes. For a change, there was very little said about Superannuation, apart from […]
What COVID-19 Has Taught Us About the Offshoring Model
Facing rapid market change and regulatory conditions, Aussie financial services firms are partnering with third-party firms more than ever before. Most often, this is an economic decision to remove tedious low-value work from teams who can focus on high-yielding activities, by re-allocating the services to regions with lower pay. Meanwhile, some firms opt to enhance […]
4 Industry Changes Financial Professionals Need to Know
A Market Update: Jan ’21 It’s already looking like 2021 is going to be another year of change and a dynamic time for our Industry. Although the pandemic seems to be relatively under control in Australia, unfortunately this is not the case for much of the World. At this stage, restrictions upon travel and the […]