Articles by Tia Thomas

Technology

FPA releases SOA video toolkit

FPA SOA video

The FPA has released a new toolkit for creating a video statement of advice as preparing paper documents can be too time consuming.

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Appointments

OpenInvest hire to drive advice partnerships

OpenInvest senior consultant

OpenInvest has appointed a senior consultant to drive the uptake of its digital investing solution for wealth management firms.

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Property

Lump sums confirmed for HEAS

lump sum home equity

Changes to the Home Equity Access Scheme will increase its appeal to retirees and provide more flexibility in using capital tied up in residential property.

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ATO

ATO streamlines TBAR

ATO SMSFs TBAR

The ATO will streamline the transfer balance account reporting period from 1 July 2023 and reduce the timeframe for SMSFs.

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ATO

Unique SMSF bank account necessary

ATO SMSF bank account

The ATO has advised a unique bank account be used to conduct SMSF operations and for trustees to be aware of possible fraud where a third party was given access.

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Investments

Challenger pitches term deposits to retirees

Challenger term deposits

Challenger has added term deposits pitched at the retiree market to its product suite after rebranding its recently acquired digital bank.

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Technology

SuperMate update reflects regulatory changes

SuperMate update

SuperConcepts has release an update for its SuperMate software to reflect changes in regulation that take effect in the new financial year.

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Regulation

Government urged to enact NALI changes

tax institute superannuation

The Tax Institute has pointed out to the government key superannuation areas needing attention, including amendments promised prior to the federal election.

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Death benefits

Trust deed has final say on BDBN timeframes

SMSF BDBN deed

The Hill v Zuda case means SMSFs can make a BDBN last indefinitely, but only where a trust deed does not constrain it in any way.

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Auditing

Workaround possible for limited valuation data

SMSF property valuation

SMSF trustees who cannot find comparable sales data for use in a property valuation can rely on other forms of information if they have sufficient evidence.

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