News

Retirement

Australians’ retirement insecurity high

Half of Australians are financially insecure about their retirement, with women, and especially divorced women, even more likely to be concerned.

Half of Australians are financially insecure about their retirement, with women, and especially divorced women, even more likely to be concerned.

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Pensions, Trusts

Automatic pension restart unworkable

Automatically commuting and restarting pensions via a trust deed rule is unlikely to be a valid way to address minimum payment failures.

Automatically commuting and restarting pensions via a trust deed rule is unlikely to be a valid way to address minimum payment failures.

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ATO, Compliance, Regulation, SMSFA

Audit of ATO oversight welcomed

A proposed audit of the ATO’s regulation of SMSFs, the first in nearly 20 years, has been welcomed by the SMSF Association.

A proposed audit of the ATO’s regulation of SMSFs, the first in nearly 20 years, has been welcomed by the SMSF Association.

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Pensions, Regulation, Superannuation

No minimum time for couple definition

There is no specified minimum time limit as to how long two people need to be in a relationship to be considered a couple for superannuation purposes.

There is no specified minimum time limit as to how long two people need to be in a relationship to be considered a couple for superannuation purposes.

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Retirement, Superannuation

Gen Z retirement expectations rising

Younger Australians now expect to need almost more than twice as much in retirement as today's retirees, according to a survey from Vanguard.

Younger Australians now expect to need almost more than twice as much in retirement as today’s retirees, according to a survey from Vanguard.

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ATO, Pensions

ATO unlikely to grant pension relief

The probability of a successful application to the ATO for the use of its discretionary powers to rectify a breach of the pension payment standards is very low.

The probability of a successful application to the ATO for the use of its discretionary powers to rectify a breach of the pension payment standards is very low.

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Accounting, ASIC, financial advice, Financial Planning

Accountant banned for unlicensed advice

ASIC has banned an accountant after it found he provided unlicensed advice about setting up SMSFs and rolling funds into them.

ASIC has banned an accountant after it found he provided unlicensed advice about setting up SMSFs and rolling funds into them.

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Pensions, Trusts

Agreement can’t redirect income stream

SMSF trustees are not bound by good faith agreements to make pension payments and must primarily follow the rules of a fund deed.

SMSF trustees are not bound by good faith agreements to make pension payments and must primarily follow the rules of a fund deed.

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ATO, SMSF

Warning issued on improper SMSF schemes

The regulator has issued a comprehensive update on its website, warning individuals not to set up or use an SMSF for the wrong reasons.

The regulator has issued a comprehensive update on its website, warning individuals not to set up or use an SMSF for the wrong reasons.

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ATO, Compliance, Documentation

ATO SAR letters require action

ATO correspondence regarding the non-lodgement of SMSF annual returns now has a more serious nature and should not be ignored.

ATO correspondence regarding the non-lodgement of SMSF annual returns now has a more serious nature and should not be ignored.

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