Tag: SMSF

Super Fund Satisfaction Declines

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Leading market research firm, Roy Morgan, has released its Superannuation Satisfaction report that indicates a decline in overall satisfaction with the super fund in February 2023. The results are based on findings from in-depth interviews with over 60,000 Australians. Satisfaction with super funds was found to have dipped by 5.4%…

6-Member SMSF Proposal Gets Approval from Senate Committee

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When the Treasury Laws Amendment (Self-Managed Superannuation Funds) Bill 2020 came back to the Senate in early September, it once again put on the table a proposal to scale SMSF member limits from four to six. Although Labor has expressed concern over potentially negative outcomes for SMSF members, the Senate…

Tax Office Examines Those Who Accessed Superannuations

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The Australian Tax Office (ATO) is examining over 400 account owners who issued early release claims on their retirement savings. In the investigation, ATO will scrutinise taxpayers and organisations that may have used a system loophole to dodge eligibility compliance, as a way of gaining early access to their superannuations.…

Federal Court Calls for Further Orders Related to SMSF Scheme

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Recent fraudulent practices from the SMSF scheme My Wealth Manager Financial Services have led the Federal Court to issue further orders to company leaders Mubashir Mohammed, Mahek Mustafa, and Mustafa Mohammed, who apparently have all have left the country, despite previous orders demanding that they stay in Australia. The court…