News : Regulation

Super details accessible for separated couples

September 2, 2021

An amendment bill before parliament will allow separated couple to access their former partner’s super account details in an effort to alleviate financial hardship.

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Regulation, Superannuation

Rule combination a larger fund win

August 26, 2021

Darin Tyson-Chan

One of this year’s budget measures and recently passed legislation could lead to more trustees looking to add adult children to their SMSFs.

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Contributions, Regulation

Excess determination charge still has bite

August 19, 2021

Jason Spits

The removal of the excess concessional contribution determination charge does not mean the ATO cannot apply it where applicable for past actions.

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Documentation, Regulation

Digital signature relief extended again

August 12, 2021

Tia Thomas

The government has announced an extension of the temporary COVID-19 relief measure allowing companies to use electronic communication for documents.

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Financial Planning, Regulation

Disciplinary body processes open for feedback

August 9, 2021

Jason Spits

The operations of the adviser disciplinary body are open for industry comment as the government moves to finalise its shape before the end of the year.

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Compliance, Regulation

Advisers have best financial interest duty role

July 28, 2021

Jason Spits

The need for SMSF trustees to comply with best financial interest duties can be boosted by advisers and accountants providing greater details of their service offerings.

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Regulation, Superannuation

Legs and regs still a challenge

July 19, 2021

Darin Tyson-Chan

SMSF trustees are continuing to seek assistance from financial planners regarding changes to superannuation legislation and regulation changes.

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ECPI, Regulation

No ECPI default calculation method

July 8, 2021

Darin Tyson-Chan

A default option does not exist in the draft legislation allowing an ECPI calculation method choice when an SMSF has periods during a financial year when it is wholly in pension phase, as well as others when it is not.

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Regulation, Superannuation

Six-member time frame will create delays

July 6, 2021

Tia Thomas

Trustees are advised to wait before registering new members as many institutions are not ready for the introduction of six-member SMSFs.

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Compliance, Regulation

Best financial interests duty not a chore

June 29, 2021

Jason Spits

SMSF trustees should have no difficulty complying with the incoming best financial interests duty as it coincides with their interests as beneficiaries.

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