News

Administration, ATO, SMSF

Zero balance not needed in wind-up

SMSF zero balance

SMSFs do not have to reduce their balance sheet to zero during a fund wind-up and doing so may result in having to estimate a future tax payment.

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SMSF, Strategy, Tax

Reserving still an effective strategy

Contribution reserving

Holding superannuation contributions in an SMSF until the next financial year through contribution reserving remains a beneficial strategy for tax planning.

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financial advice, Regulation

Rule of thumb can clarify QAR framework

advice rule of thumb

Under the framework recommended by the Quality of Advice Review there is a rule of thumb practitioners can use to ensure they adhere to the law.

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Administration, Financial Planning, SMSF

Incapacity measure misunderstood

SMSF and incapacity

An ordinary power of attorney will not provide a proper solution for an SMSF when a member suffers from mental incapacity.

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Accounting, Contributions, Superannuation

Lost super can become contribution trap

unclaimed super contribution

SMSF members claiming lost super must consider what it will do to their contribution caps if they pay it back into their fund.

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Investments, Regulation, SMSF

Investor test needs review

SMSF investor test

There is a lack of clarity surrounding the classification of SMSF trustees as wholesale or retail clients when they choose to seek financial advice, prompting calls for further evaluation.

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ASIC, Compliance, financial advice

Adviser registration date pushed back again

Adviser registration date

ASIC has extended the date by which financial advisers must be registered with the regulator by a further three months, with the new date set for October.

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Regulation, Retirement, Superannuation

Retirement definition set to shift

Retirement definition

The definition of retirement allowing people to access their superannuation benefits legally is set to significantly change in the coming income year.

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financial advice, Regulation, SMSF

SMSFs ‘misfits’ under Corporations Act

SMSFs and Corporations Act

A statutory body has highlighted the challenges in classifying SMSFs under the Corporations Act, leading to uncertainties about advice, licensing and client classification.

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Education, financial advice, Financial Planning

No sunset clause for experienced pathway

experienced adviser pathway sunset

The government will not introduce a 10-year sunset clause into its experienced pathway bill, citing the need to keep experienced advisers in the system.

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