Govt review of governance of SMSFs

The minister for superannuation and corporate law has announced that he has commenced consultation about a range of practices in self-managed super funds (SMSFs). 'The government is concerned where individuals are subject to aggressive marketing strategies and are persuaded to establish a SMSF without being aware of their role and responsibilities, and without appreciating the costs involved. This concern is not directed at any particular segment providing advice to the SMSF market,' Minister Sherry said.

Last days to lodge tax returns using e-tax

The commissioner has reminded taxpayers that, if they haven't lodged a tax return for the 2006-07 financial year and are planning to lodge online, they only have until Friday, 29 February 2008. He said that, while the deadline for individuals lodging their own tax returns was 31 October 2007, e-tax was still available to lodge late returns.