News : Financial Planning

Administration, Death benefits, financial advice, Financial Planning, Pensions

Death must halt auto pension payments

July 10, 2025

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, automatic pension payment, income stream, death benefit, reversionary pension, Accurium, Natalie Scott, lump sum, death of member, executor

Automatic pension payments made from an SMSF must be stopped when the recipient dies to avoid the misclassification of these amounts.

Some clients require Div 296 urgency

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, Division 296, risk, Peter Bobbin, Institute of Financial Professionals Australia, Auditors Institute

July 9, 2025

Darin Tyson-Chan

While the Division 296 tax is yet to be passed into law advisers may need to have some clients act now to manage the liability of the impost.

Intent key to recontribution strategy

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, recontribution strategy, tax avoidance, Institute of Financial Professionals Australia, IFPA, Stuart Sheary, Part IVA, tax benefit

July 9, 2025

Jason Spits

A withdrawal and recontribution strategy will be judged on the intent of the action as to whether the Part IVA provisions of the tax act apply to it.

Advisers with Shield links banned

ASIC, banned, Matthew Simon Bradley, Isaac Jacob McQueen, Shield Master Trust, MWL Financial Services Pty Ltd, Keystone Group, Financial Services Group Australia, Graham Holmes

July 9, 2025

Penny Pryor

ASIC has banned two more practitioners who provided advice encouraging superannuants to invest in the Shield Master Trust.

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financial advice, Financial Planning

Capacity limited but revenue climbs

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, Investment Trends, SMSF advisers, advice capacity, revenue, clients served, Yiğit Günhan, SMSF specialists, practice revenue, financial advice

July 8, 2025

Jason Spits

Advisers are indicating they have limited capacity to take on new SMSF clients but also admitted this cohort is a key source of revenue for them.

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financial advice, Financial Planning

Minor CSLR reduction disappointing

CSLR, levy estimate, Compensation Scheme of Last Resort, SMSF Association, Financial Advice Association Australia, $20 million cap, Peter Burgess, funding model, review, Sarah Abood, Shield, First Guardian

July 7, 2025

Penny Pryor

The minor reduction in costs borne by advisers under the Compensation Scheme of Last Resort will not help the advice sector, which is waiting for changes to the funding model.

ASIC levy to fall by over $500

July 3, 2025

Jason Spits

The ASIC adviser levy is estimated to decrease by more than $500 as the regulator reduces the costs it will recover from the sector.

Technical skills more important than ever

self managed super, self managed superannuation, SMSF, SMSF Association, Technical Summit, Peter Burgess, Louise Biti, Bryce Figot

June 19, 2025

Penny Pryor

The SMSF Association is focusing its Technical Summit on helping practitioners deal with difficult real-world scenarios.

AFCA should name and shame

SMSF Association, Australian Financial Complaints Authority, AFCA, publicise determinations, unpaid determinations, Compensation Scheme of Last Resort, CSLR, Peter Burgess, submission

June 17, 2025

Penny Pryor

Major professional bodies say the threat of publication will provide bad actors with an additional incentive to pay their AFCA fines.

Greater advice tax deductibility for SMSFs

June 3, 2025

Penny Pryor

SMSF practitioners have the ability to present their clients with larger tax savings on financial advice due to the ATO’s jurisdiction over the SIS Act.

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