Articles by Todd Wills

Insurance, SMSF

Trustees urged to review disability cover

trustees disability insurance

Trustees choosing not to purchase permanent disability insurance due to cost-of-living pressures should be reminded they can purchase it via their SMSF so as to not lose their cover.

read more
Compliance, NALI/NALE, SMSF

NALE penalty appropriate, but needs clarity

NALE penalty level

The update to the NALE penalty in the 2023 federal budget is a reasonable approach, however, further clarification is needed on what defines a NALE compliance breach.

read more
ASIC, Compliance, SMSF

ASIC takes action on SMSF advice

ASIC SMSF rollover

ASIC has penalised two individuals for acting against their clients’ best interests when persuading them to transfer their superannuation funds into SMSFs.

read more
Compliance, Regulation, SMSFA, Tax

SMSFA supports franking credits review

Franking credits review

The SMSF Association has backed further review of proposed franking credit amendments, expressing concerns over potential impacts on legitimate business operations.

read more
Compliance, Regulation, Tax

ASA backs franking credits clarification

Franking credits

The Australian Shareholders’ Association believes the proposal to limit franking credits from capital raisings is unnecessary and requires clearer guidance to avoid unintended consequences.

read more
SMSF, Strategy, Tax

Reserving still an effective strategy

Contribution reserving

Holding superannuation contributions in an SMSF until the next financial year through contribution reserving remains a beneficial strategy for tax planning.

read more
Investments, Regulation, SMSF

Investor test needs review

SMSF investor test

There is a lack of clarity surrounding the classification of SMSF trustees as wholesale or retail clients when they choose to seek financial advice, prompting calls for further evaluation.

read more
financial advice, Regulation, SMSF

SMSFs ‘misfits’ under Corporations Act

SMSFs and Corporations Act

A statutory body has highlighted the challenges in classifying SMSFs under the Corporations Act, leading to uncertainties about advice, licensing and client classification.

read more
Retirement, Superannuation

Retirement costs climb as inflation soars

Retirement costs

Retirees are facing budgetary challenges due to high inflation, especially in essential services, according to ASFA, which has announced the departure of its chief executive.

read more
Investments, NALI/NALE

In-specie contribution evidence vital

In-specie contribution NALI

Trustees must ensure they are keeping and submitting accurate documentation regarding their in-specie contributions when the NALI compliance period begins.

read more

Copyright © SMS Magazine 2024

ABN 43 564 725 109

Benchmark Media

Site design Red Cloud Digital