| | MONDAY, 30 MAR 2020 12:20PMSelf-managed superannuation funds that own commercial premises leased to a related party have been handed some relief form the impacts of COVID-19.|
|Self-managed super fund professionals and trustees may be feeling some deja-vu, as the same measures that were used in 2008 have been brought in to guide the sector through the COVID-19 pandemic.|
|SMSFs are expected to outperform in the current climate, due to higher than average exposures to cash and other low volatility assets, according to Rainmaker research.|
|The ATO and SMSF Association have extended their strategic partnership that enables ATO employees to be seconded to the SMSFA to gain greater understanding of the SMSF sector.|
|SMSF Association chief executive John Maroney gave a final address to the association's annual conference, calling for stability and engagement amid industry change.|
|Delegates to the SMSF Association's annual conference have heard of the uptick in enforcements against SMSFs this financial year.|
|At the SMSFA Conference a question around rare coins and artworks held in an SMSF sparked serious compliance concerns.|
|An auditing discussion at the SMSF Association conference turned to the ATO's recent efforts to stamp out SMSFs lying about audits and misusing auditor numbers.|
|In providing a technical update, SuperConcepts general manager of technical services Peter Burgess has said many of the reforms set to impact SMSFs proposed last year are still yet to eventuate.|
|The Assistant Minister for Superannuation, Financial Services and Financial Technology has delivered a gushing address to the SMSF Association conference - promising the government is supportive of the SMSF sector.|
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Australia's superannuation sector is fighting a war on three different fronts, as the economic fallout of COVID-19 continues to bite.
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Significant hikes in group insurance premiums have been put down to the Protecting Your Super reforms - with members of four superannuation funds facing premium increases of 34%.
APRA has asked superannuation funds to submit their in-house modelling on the magnitude of impact they are expecting from the Federal Government's special allowance for early release from superannuation.
Zenith Investment Partners wants to reverse out of its planned $12 million purchase of Chant West's superannuation business, saying the latter has been materially affected since February, but Chant West is digging its heels in.
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