News

Legislation, Superannuation

Super objective will not reshape Div 296

superannuation, SMSF,

The government is likely to use the objective of super to promote the implementation of the Division 296 tax, stating it is consistent with its role as the defender of the retirement income system.

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Retirement

Better retirement income education needed

More consumer education is needed to equip people with knowledge of the methods and products they can use to achieve better retirement income results.

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financial advice, Financial Planning

Industry cautious over new adviser class

The financial services sector has generally welcomed the scope and operation of the new-class-of-adviser measure, but will require more information before endorsing the change.

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Retirement, SMSF, Superannuation

Retiree costs overestimated

The cost of retirement is overestimated by many Australians, highlighting the need for more advice and the reforms that will allow more people to access it.

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Contributions, NALI/NALE

How a contribution can trigger NALI

Practitioners must ensure clients adopt a new approach to SMSF asset acquisitions involving an in-specie transfer component for compliance purposes.

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Contributions, Downsizer

Downsizer not a co-contribution event

Eligibility to receive a government co-contribution to an SMSF is determined by the confluence of a few different pieces of legislation.

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financial advice, Financial Planning

Accountants overlooked in new advice model

The details of how the new class of adviser will operate have been released by the government, but the role of accountants in this area has again been ignored.

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SMSF, Tax

Tax hit is sole purpose penalty

Trustees may escape an administration penalty for a breach of the sole purpose test but could instead be hit with a heavy tax liability.

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Retirement

Retirement costs fall in time for Christmas

The cost of living for retirees has fallen marginally for the first time this year, but over the longer term it has outpaced the rise in inflation.

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Investments

Centrepoint unveils super, investment platform

Centrepoint Alliance has released a new platform offering superannuation and investment options under a range of structures backed by digital transactions and reporting.

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