Alerts to protect SMSFs from fraud
Aspen Corporate • 29 March 2020
Alerts to protect SMSFs from fraud
A new system alerting SMSF trustees of changes made to their SMSF will roll out this month. The ATO will alert trustees by text and/or email when changes are made to bank details, electronic service address of the fund, the authorised contact and members.
Trustees need to notify the ATO within 28 days of key changes to the fund including a change in trustees, directors of the corporate trustee, members, contact details, address and fund status.
The Reserve Bank of Australia (RBA) delivered a 25 basis point rate cut, lowering the cash rate from 3.85% to 3.60%, the third reduction this year.
On 1 July 2025 the superannuation guarantee rate increased to 12% which is the final stage of a series of previously legislated increases.
The Governments intention is to ban non-compete clauses for low and middle-income employees and consult on the use of non-compete clauses for higher incomes.
The Productivity Commission (PC) has been tasked by the Australian Government to conduct an inquiry into creating a more dynamic and resilient economy.
The Australian Government has passed new legislation to reduce student loan debt by 20% and change the way that loan repayments are determined.
The Reserve Bank of Australia (RBA) held the cash rate steady at 3.85% in July.
