Articles by Tia Thomas

Appointments

FPA names new board chair

Financial planning association chair

Financial Planning Association chair Marisa Broome will depart the role, with deputy chair David Sharpe to step into the position.

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Estate Planning

EPOA should start immediately

enduring power attorney start

The commencement date for an enduring power of attorney should not be when an SMSF trustee loses capacity, otherwise legal disputes can occur.

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Financial Planning, Retirement

Covenant creates SMSF advice openings

retirement income covenant advisers

The Retirement Income Covenant could motivate more SMSFs to implement secure strategies and create opportunities for financial advisers.

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Superannuation

Old terminology hindering wind-ups

trust deeds terminology

Outdated terminology in trust deeds could impact an SMSF’s ability to wind up, a technical expert has pointed out.

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Insurance

Insurance payment confusion can derail benefits

SMSF life insurance

The SMSF sector has not properly understood how life insurance premiums can be paid from a fund, which may lead to problems when benefits are paid.

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ATO

IHA breach possible after lease ends

in-house asset breach

An in-house asset breach can still occur if an SMSF ends the lease of an asset to a related party, particularly under suspicious circumstances.

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Appointments

Heffron appoints head of product

Heffron head product

Heffron has appointed a former BT and Class senior manager to the newly created role of head of product following the growth in demand for digital products.

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Pensions

Pension payment conditions outlined

minimum pension payment standards

The ATO has listed five conditions that will allows trustees to continue receiving an income stream despite failing minimum pension standards.

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Financial Planning

Firms offering SMSF advice merge

SMSF advice firms merge

Two firms offering SMSF and estate planning advice will merge to provide clients and advisers with greater scale and resources.

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Trusts

Injected capital will trap testamentary trusts

testamentary trust capital

SMSFs are neglecting to keep income sources separate when using a testamentary trust and may lose associated tax concessions.

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