Poor Ross Tarrant: He Lost Money Too
Tarrants managing director Ross Tarrant has denied responsibility for the lost retirement savings of more than 200 clients who trusted him with their self managed superannuation fund investments. He claims he too is a victim of the alleged fraud suffered by Trio Capital investors. The troubled Wollongong “businessman”, revealed he and his family lost around $500,000.. read more →
Same Sex Couples Get Super Equality
After a much delayed reform to legislation, Australia’s superannuation laws have become ‘gay friendly’. If you’re in a same-sex relationship, the main areas of superannuation rules have now changed to your advantage. Heterosexual spouses (married or de facto) and same-sex spouses (de facto) are now treated in a similar way when dealing with certain superannuation entitlements. For.. read more →
$1 Billion a Year in Wasted Super Fund Fees
AUSTRALIANS are wasting more than $1 billion a year in fees for unused and multiple superannuation funds, the latest annual superannuation projections report by actuary Rice Warner says. According to the report, there are almost 2.5 super funds for every super member. The administration and management fees are draining millions of dollars from retirement savings... read more →
The Future of SMSF Auditors
Following the Gillard Government’s response to the recent Cooper Review, ASIC will be appointed as the registration body for SMSF auditors. I believe having a central registration body for SMSF auditors is good for the industry, and I think keeping it separate from the ATO is a good move. A formal registration will enhance the integrity of.. read more →
The Problem With Individual SMSF Trustees
There are more than 400,000 SMSFs out there, and they either have a corporate trustee or individual trustees. Here are three reasons why a corporate trustee is a better option: When an individual trustee dies, and one trustee remains, then the fund does not have enough trustees. Another trustee needs to be appointed, and sometimes.. read more →
Cooper Review
The Cooper Review into the super fund industry is out, and I’ve finally had time to read it. Her are some of the important recommendations that the Government appear to have accepted. Most of the changes will take affect 1 July 2012. The new SMSF registration process will commence 1 July 2014, and will be.. read more →
Don’t Die Without A SMSF Will
The Commissioner of Taxation has ruled that binding death benefit nominations will not apply to Family Superannuation Funds, and has also stated that a normal Will cannot deal with a superannuation member’s benefits. Therefore the only safe, secure and certain solution is a SMSF Will created by a legal professional. The SMSF Will allow a.. read more →
Planned Overhaul of Superannuation System
The Government will today give the green light to an overhaul of the superannuation system by creating low-cost investment products that require greater disclosure of fees and fund performance, simultaneously streamlining back office functions. Bill Shorten, the Assistant Treasurer, will announce the government’s response to the Cooper review this morning. The Government have accepted 139 of.. read more →
185 SMSFs Made Non Complying in 2010
The ATO has announced it made 185 self-managed superannuation funds non-complying in the 2010 financial year for serious non-compliance with the super laws. The main breaches involved super funds providing loans to a related party, illegal early release of super, serious breaches of the in-house asset rules, and refusal to lodge income tax returns. The.. read more →
Tarrants Battle Heading to Court
A court action against the now defunct Wollongong financial planning firm Tarrants has begun as investors seek compensation for their lost life savings. Lawyer Mark McDonald has kick-started proceedings in the NSW Supreme Court on behalf of 100 Tarrants clients, mostly from the Illawarra region. Investors are coming to terms with losses in the tens.. read more →