News

Estate Planning, Legislation, Regulation

EPOA system needs national rules

Enduring power of attorney EPOA elder abuse Estate planning FAAA

The use of enduring powers of attorney needs to be standardised across the country to prevent elder abuse and ensure attorneys are fit and proper persons.

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Retirement

Expand retirement funding model

three-pillar retirement funding Actuaries Institute

The three-pillar retirement funding model should be expanded to factor in the increased longevity of retirees and their access to income sources after finishing full-time work.

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Compliance, Contributions

More than one sole purpose test

Sole purpose test Contributions Concessional contributions Superannuation Industry (Supervision) (SIS) Act

The separated sole purpose test covering contributions must be considered when contemplating certain SMSF strategies aimed at providing a tax benefit.

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LRBA, Property, Regulation, SMSF

Track funding for property repairs

Property repair Property improvement LRBA Limited recourse borrowing arrangement SIS Act

Trustees should be certain of the origin of the funds used to complete a repair or improvement to a property acquired under an LRBA to avoid breaching their fundamental obligations.

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Crypto Assets, Cryptocurrency, Regulation, SMSFA

Crypto assets must be regulated

Cryptocurrency Digital assets Regulation

The SMSF Association has flagged gaps in ownership information, risk of fraud and inappropriate advice as key reasons the crypto-asset space should be more tightly regulated.

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Retirement

Retirement income consultation welcomed

retirement income products services review consultation

Two advocacy groups have welcomed the government’s plans to review the retirement income product market and have called for end-users to be the driver behind any changes.

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Accounting, financial advice, SMSF

Advice a must for accountants

Financial advice Accountants Quality of advice review

Accountants must be allowed to play a greater role in providing financial advice so more Australians can satisfy their unmet needs in this area.

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Retirement, Superannuation

Govt to examine SMSF retirement income role

Superannuation Retirement

The government will examine how superannuation is being used in retirement and has asked how SMSFs are managing risks and maximising income for members.

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AAT, ASIC, Auditing

Auditor disqualification upheld

SMSF auditor Disqualification ASIC Independence standards

An SMSF auditor has failed to have her disqualification for breaching independence standards overturned by the AAT.

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financial advice, Retirement, SMSF

SMSFs preferred by HNW clients

HNW high net worth SMSF superannuation retirement

SMSFs are still the optimal retirement savings vehicle for high net worth individuals, with choice, control and flexibility with complex estate planning strategies the key considerations.

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