It was George Bernard Shaw who coined the phrase 'youth is wasted on the young'. In Australia today, it seems the young may be wasting their investing youth.
One big four accounting firm says the ATO has started to zoom in on property development in unit trusts being held in SMSFs and the calculation of valuations for these assets.
The government has announced a number of reforms designed to give the ATO more powers to oversee and enforce superannuation guarantee payments.
Whilst there has been little publicity in the weeks after the May Federal Budget, the Bank Levy has passed through Parliament and receive Royal Assent, without amendment.
The very high level of debt-free home ownership among current Australian retirees helps counterbalance their low average super savings, undoubtedly contributing to any sense of financial security.
The ATO has revealed its latest figures on lost and unclaimed superannuation accounts, with NSW topping the state list.
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The ATO is set to release further guidance outlining the circumstances in which it is appropriate for an SMSF to establish and maintain a reserve.
Data sharing between tax regulators in different countries is rapidly increasing with the ATO turning in around 30,000 US expats to the IRS just last year according to a US tax lawyer.
Loneliness may well be the bane of the long-distance runner's lot, but isolation can be a major challenge for SMSF trustees to manage too.