Articles by Tia Thomas

Contributions, Superannuation

Downsizer contributions need written proof

proof downsizer contributions

SMSF members making downsizer contributions must prove they can do so and their fund can accept them to prevent problems when the fund is audited.

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Superannuation

Consistent trusts prevent contested pensions

trusts contested pensions

Detailed procedures in trust deeds and correct commencement documents could be vital in preventing contested pensions from an SMSF.

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Documentation, Superannuation

Historical deed amendments need review

deeds amendments

New amendments to older trust deeds need to be carefully considered as previous conditions and changes may render future alterations void.

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ASIC

ASIC cancels stagnant SMSF AFSL

ASIC cancelled licence

The licence of a Victorian-based SMSF financial adviser has been cancelled by ASIC after services to retail clients ceased.

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ASIC, Financial Planning

Advice sector carrying compliance cost burden

financial advice costs

The financial advice sector is carrying a significant proportion of industry compliance costs when compared with its size and the level of complaints directed against it.

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FASEA

Examinees need wider client behaviour view

FASEA behavioural finance

FASEA exam candidates who have struggled with questions on behavioural finance are typically viewing it too narrowly.

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Residential Property

Working from home not business real property

SMSF business real property

Using personal real estate property to conduct a business during COVID-19 lockdowns will not transform it into business real property for SMSF purposes.

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Investments, Superannuation

Venture capital offers long-term returns

venture capital investment

Super funds should consider a longer-term venture capital investment as a way to avoid short-term equity market volatility.

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ATO

SuperStream will be applied to certain release authorities

superstream release authorities

The release authorities that will be included in the SuperStream rollover system for SMSFs have been revealed by the ATO.

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Appointments, Financial Planning

FPA CEO to stand down

FPA chief executive

FPA chief executive Dante De Gori has announced his intention to step down from his position at the end of 2021 after 12 years with the association.

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