Education

The AML/CTF regime requires businesses that provide certain services to identify their customers, monitor for suspicious activity and report to the financial intelligence agency, AUSTRAC. Until now it applied mainly to banks, remitters, gambling operators and similar. Tranche 2 extends it to professions including …

A trust deed sets out how the fund operates: who the trustees and members are, what the fund can invest in, what pensions it can pay and how benefits pass on death.Superannuationlaw changes regularly, and a deed drafted years ago may not permit arrangements …

The headline figures here come from Class, a major SMSF administration platform, and describe funds administered on that platform. That is a large and useful sample, but it is not a census of every self-managed super fund in Australia. The broader population, captured in …

The standout category is international equities. In the benchmark data, the majority of the ten most widely held ETFs provide exposure to global rather than domestic shares. That is a striking pattern in a sector famous for staying close to home, and it suggests …

The gateway is theBusinessreal property test. Broadly, business real property is land and buildings used wholly and exclusively in one or more businesses. The word exclusively is doing a lot of work: the property must be used for business, not partly for private or …

A common misconception is that the cost base reset election only matters once a member's total super balance exceeds $3 million. The election itself is available to eligible funds regardless of current balances, and because it is a one-off tied to the start of …

The first and most substantial task is transaction reconciliation, handled by a tool Class describes as intelligent matching. Reconciliation, matching the fund's transactions to bank andInvestmentdata and classifying them correctly, is high-volume, repetitive work that consumes a large share of administration time, especially at …