News

Compliance, Pensions, SMSF

Minimums key for multiple pensions

Minimum pension payments

Withdrawing more than the minimum amount from one pension will not fulfil the minimum payment requirement for another pension.

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Investments, Strategy

Template strategies must be flexible

investment strategy template SMSF

Using template investment strategies to meet the ATO’s requirements may not be viable if they cannot be tailored to specific circumstances.

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Superannuation

Govt payments crucial to early access

Superannuation early access

Certain conditions regarding social security must be met before individuals can access their super benefits early due to severe financial hardship.

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ASIC, ESG

ASIC acts on Vanguard ESG screening concerns

ASIC Vanguard ESG

ASIC has started civil penalty proceedings against Vanguard Investments Australia, alleging the use of an ESG screen in a bond fund was misleading.

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Property, SMSF

Software property valuations limited

SMSF property valuations

The strength of SMSF property valuations generated by administrative software applications is dependent on when the procedure is performed.

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ASIC, Auditing

ASIC acts against eight SMSF auditors

ASIC SMSF auditors

ASIC has disqualified the registrations of five SMSF auditors and placed additional conditions on the registrations of three SMSF auditors for failing to meet their auditing obligations.

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financial advice, Financial Planning, Technology

Advisers adopt more tech as numbers shift

advisers technology

Advisers are adopting more technology as the number of their peers decline and their client bases continue to increase in size.

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Education

Financial literacy program bears fruit

financial literacy

The Talk Money financial literacy education curriculum is boosting the confidence of primary and secondary school students in managing financial responsibilities.

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Retirement, Strategy, Superannuation

Pre-1999 benefits can easily be freed

Restricted non-preserved superannuation benefits

A fairly straightforward process can be used to allow individuals with restricted non-preserved superannuation benefits to access these assets.

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Insurance

Make insurance decision more explicit

SMSF life insurance

SMSF practitioners should encourage trustees to make explicit decisions around life insurance, rather than just give it consideration, and then document those decisions.

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