Articles by Todd Wills

Contributions, SMSF, Superannuation, Tax

Retirement savings, tax lead client concerns

superannuation contribution caps Division 296 tax retirement savings SMSF BT Technical Services Bryan Ashenden

Increasing retirement savings and tax management strategies will be key concerns for advisers and their clients in the next financial year.

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Compliance, Pensions, SMSF

Lumpy assets require regular valuation

SMSF asset valuation large assets lumpy assets Pension standards Minimum pension payments Heffron Lyn Formica

Regular valuations for large assets in an SMSF are vital in order to comply with the pension standards and the minimum payment requirement.

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Administration, Compliance, Regulation, Superannuation

Pre-bankruptcy transfers unprotected

Bankruptcy Superannuation transfers Federal Court Kirk as trustee of the Property of Smith (a Bankrupt) v Smith [2024] Creditors

Superannuation balances transferred prior to a declaration of bankruptcy will not protect those assets from the claims of creditors.

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AFCA, financial advice, Regulation

Dixon AFCA membership termination supported

FAAA Dixon Advisory CSLR AFCA

The FAAA has supported a proposal to cancel Dixon Advisory’s AFCA membership, citing concerns compensation linked to the case is adding to an unsustainable levy for advisers.

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Retirement

Retiree expenses hit new high

ASFA Retirement standard Inflation Cost of living

Living expenses for retirees increased last quarter due to rising healthcare and insurance costs, however, weaker rises in food and fuel prices may signal a potential slowdown in inflation.

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Retirement, Superannuation

Inflation pushing retirees to work longer

Inflation Cost-of-living Retirement

Retirees are choosing to stay in the workforce longer and postpone their retirement plans due to record rises in cost-of-living expenses.

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Administration, Compliance, SMSF

Divorce breaks asset transfer limits

Divorce SMSF Wind-up SIS Act Assets Trust deed

Trustees winding-up a fund should be aware there are limited circumstances when assets can be transferred to a related party but these fall away in the event of divorce.

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ATO, SMSF

Middle-to-higher incomes boosting SMSF growth

ATO SMSF Fund Establishments Asset allocations SMSF quarterly fund statistics

The March quarter saw more men and women with higher incomes establishing SMSFs, potentially reversing a trend of lower-income investors setting up funds.

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Documentation, Pensions, SMSF

Pension contracts can add legal assurance

Pension contract SMSF SIS Act

Using a pension contract to specify the rules for an income stream can offer greater legal certainty and administrative control to SMSF trustees.

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Contributions, SMSF, Strategy, Tax

Deadline looms for double deduction strategy

Contribution strategy Deduction SMSF

SMSF trustees looking to reduce the amount of tax they pay through the use of the double deduction contribution strategy must act by the end of June.

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