Financial Advice Education Standards Legislation passed
‘The Bill delivers the Government’s election commitment to better recognise the experience of long-serving advisers by removing the tertiary education requirement for advisers with 10 years’ experience, a clean disciplinary record who have passed the exam.
In addition, the Bill will also provide more flexibility for a new entrant to demonstrate that they have completed an approved degree. This will be either by applying to the Minister for an approval or by obtaining written confirmation from their course provider that they have substantively met the conditions for the specified approved qualification.
Once the Bill has received Royal Assent and the Minister has approved the application form, Treasury will be able to begin receiving applications via the fas.treasury.gov.au website.
Further amendments will be required to the legislative instrument in order to enable course providers to provide written confirmation that a course substantively met the conditions for the specified approved qualification. Treasury will work with higher education providers and industry on the changes to the legislative instrument’.
Quarterly TBAR Lodgment Reminder
Self-managed super funds (SMSFs) must report certain events that affect members Transfer Balance Account (TBA) quarterly using Transfer Balance Account Reporting (TBAR). These events must be reported even if the member’s total superannuation balance is less than $1 million.
You must report and lodge within 28 days after the end of the quarter in which the event occurs. You are not required to lodge if no TBA event occurred during the quarter.
If you’re currently lodging the TBAR annually at the same time as your SMSF annual return, you will need to report all events that occurred in the 2023 income year by 28 October 2023. You will then need to report any transfer balance events quarterly.
You can no longer report annually at the same time as your SMSF annual return.
You should always refer to event-based reporting for SMSFs and the TBAR instructions when preparing your TBAR.
The easiest way to lodge is through Online services for business. Your tax agent can also lodge through their online services.
If your SMSF does not lodge a TBAR by the required date the member’s transfer balance account may be affected. The member may need to commute any amounts more than their cap and pay more in excess transfer balance tax.
Remember to lodge your SAR by 31 October
If your Self-Managed Super Fund (SMSF) had assets, such as super contributions or other investments as of 30 June 2023, then you will need to lodge an SMSF Annual Return (SAR) for the 2022–23 financial year.
Your lodgment due date will depend on your circumstances. If you are a new SMSF and are preparing the SAR yourself, or have previously lodged a SAR late, your due date is 31 October 2023.
When preparing your SAR you should refer to the 2023 SAR instructions on our website.
If you require assistance with lodging your SAR, you should contact a registered tax professional as soon as possible. This will give them time to add you to their lodgment program before 31 October 2023 and they will then tell you your due date.
You will also need to update your records, confirming they are the authorised representative for your fund. This will make sure your authorised tax professional has access to your information.
In some instances, you will still have to lodge by 31 October 2023, even if you appoint a tax professional.
If your fund does not have any assets, you need to either make a return not necessary request or cancel your fund’s registration if you no longer wish to have a SMSF.
Failing to lodge your SAR on time can result in the compliance status of your SMSF on Super Fund Lookup External Link being changed to ‘regulation details removed’ which may result in rollovers and employer contributions not being made to the fund.
