Articles by Todd Wills

Aged Care, Retirement

Aged-care funding clarity needed

Aged care Aged care Taskforce Funding Retirees Association of Independent Retirees

A professional body representing self-funded retirees has requested more detail into the funding arrangements outlined in the final report prepared by the aged care taskforce.

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Documentation, Trusts

Review of deed chain essential

SMSF trust deed deed chain changes Cooper Grace Ward Nathan Rutherford

Checking the history of changes to an SMSF trust deed and ensuring they are valid is crucial to planning for the potential death of a fund member.

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ATO, Contributions, Strategy

Reserving NCCs not recommended

ATO Contribution reserves Non-concessional contributions Concessional contributions Strategy SMSF

Reserving strategies should be limited to concessional contributions as non-concessional contributions are likely to encounter regulatory hurdles.

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ASIC, Compliance, Regulation

ASIC bans Queensland SMSF adviser

ASIC SMSF Financial adviser Ban

ASIC has banned a financial adviser from any involvement in the financial services industry after finding he engaged in dishonest conduct when dealing with six SMSF clients.

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LRBA, Regulation, SMSF

Beware LRBA interest rate impact

Interest rates LRBA SMSF Loans Related-party

SMSF practitioners should assess their clients’ existing LRBAs and explore opportunities to secure a better interest rate for the loan through a commercial lender.

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financial advice, Regulation

CSLR adviser levy exceeds $18 million

FAAA Compensation Scheme of Last Resort Levy Funding Financial advisers

The compensation scheme of last resort has unveiled its levy funding estimates, prompting concern from one industry body over the costs imposed on the financial advice sector.

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Pensions, Superannuation, Tax

MLP valuations under Div 296 still unclear

Market-linked pensions Defined benefit pensions Division 296 tax Valuation Treasury

Guidance on the treatment of market-linked pensions in relation to the Division 296 tax has yet to clearly outline how these interests will be valued under the cap.

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ATO, SMSF, SMSFA, Superannuation

New clearing house protocols for SMSFs

ATO Small Business Superannuation Clearing House Superannuation guarantee SMSF SBSCH Employees

The ATO has implemented an additional verification measure for any entitlements deposited into an employee’s SMSF account via the Small Business Superannuation Clearing House.

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ASIC, Auditing, Compliance

ASIC sanctions 15 auditors

ASIC SMSF auditors APES 110 Code of Ethics for Professional Accountants Independence standards

ASIC has taken enforcement measures against 15 SMSF auditors for breaches of the independence standards, with 13 practitioners having conditions imposed on their registrations.

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financial advice, Tax

Industry seeks clarity on fee deductibility

financial advice fees FAAA ITAA TD 2023/D4 ATO tax deduction tax deductibility

A group of industry bodies has urged the ATO to provide further details on the tax deductibility of financial advice given to clients on pre-existing investments.

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