Articles by Todd Wills

Death benefits, Legislation, Superannuation

Super bodies push for death benefit reform

Superannuation death benefit payments Violence Superannuation Industry (Supervision) Act Forfeiture rule ASFA Death benefits Forfeiture rule

A coalition of superannuation bodies has called for perpetrators of violence to be prevented from claiming their victim’s super benefits.

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Retirement, Superannuation

Engagement fuels retirement confidence

Engagement Retirement Confidence AustralianSuper Report Cost of living

Early engagement, planning and preparation are key factors in boosting Australians’ confidence that they will retire comfortably.

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Administration, Compliance, Contributions, Superannuation

Terminal illness rollover timing key

Rollover Terminal illness Condition of release ATO Contribution SMSF Self-managed superannuation

SMSF trustees diagnosed with a terminal illness can roll over their retirement savings to another fund, but a specific process must be followed to avoid adverse consequences.

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ATO, Compliance, Property, SMSF

Dig deep for commercial valuation data

Commercial property Qualified valuer's report Valuations

While a qualified valuer’s report is preferred for commercial property valuations, trustees can use objective data from alternative sources if they choose not to obtain one.

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Compliance, Pensions, Regulation, SMSF

Pensions can predate document completion

Pension Confirmatory pension document Documentation Income stream

A superannuation income stream can start before the necessary paperwork for the pension is completed as long as a certain set of requirements are met.

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Retirement

Guaranteed income boosts retiree confidence

Challenger Mandy Mannix annuities guaranteed retirement income confidence

Research has revealed superannuants with guaranteed income products report higher financial security, better mental health and increased confidence in retirement.

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Regulation, Retirement, Superannuation

Policy lags behind advice demand

FSC Retirement income products Blake Briggs

Regulations and policies for retirement income products are currently outdated and need to be updated to serve the growing number of Australians with complex financial advice needs.

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Documentation, Estate Planning

Estate details must be accurate on statements

Member statements Estate planning SMSF Self-managed superannuation Accurium Anthony Cullen

SMSF practitioners have been advised to thoroughly review and substantiate estate planning details on their clients’ member statements to prevent potential legal issues.

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ATO, Compliance, NALI/NALE, Regulation

No need for exact arm’s-length fee

ATO Non-arm's-length expenditure LCR 2021/2

SMSF trustees do not need a detailed breakdown of arm’s-length fees for any service charged to the fund, but will need to make a reasonable attempt to determine that figure.

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ASIC, Compliance, financial advice, SMSF

Adviser cops ban over conflicted advice

ASIC UGC SMSF Self-managed superannuation Joel James Hewish Ban Conflicted personal advice United Global Capital Pty Ltd

A Victorian adviser who managed a firm that encouraged clients to roll their retirement savings into SMSFs to invest in his own interests has been banned for 10 years.

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