News

Trusts

Judgment has lost trust deed implications

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lost deed

A recent appeal in family trust matter highlights the need for SMSFs to address gaps in their fund’s deed history before lawyers are involved.

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Death benefits

Fund account not tied to death benefit

Death Benefits accounts

The account that a deceased member held their superannuation balance in has no bearing on how the death benefits of that person can be paid.

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SMSFA, Superannuation, Tax

TSB tax consultation paper released

TSB tax consultation paper

Treasury has opened a consultation on the planned $3 million TSB earnings tax, with the SMSF Association noting the tax is a blunt instrument.

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Superannuation, Tax

Earnings tax calculator highlights inequity

Earnings tax calculator

An online tool comparing the calculation of proposed superannuation earnings tax with other methods reveals it will not be an equitable solution.

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Investments

OpenInvest signs with Sydney firm

OpenInvest Sarto Advisory

Investment platform OpenInvest has partnered with Sarto Advisory to provide access to investment services for young investors.

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financial advice

Merger of FPA and AFA complete

AFA FPA Merger

The FPA and AFA have formally completed their merger and commenced operations under the new Financial Advice Association Australia banner.

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Auditing

Materiality a testing audit concept

Materiality SMSF auditors

The concept of materiality has been acknowledged by the ATO as a difficult one for auditors to manage with regard to SMSF investment strategies.

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Superannuation, Tax

Actuarial certificates may help with new tax

Actuarial certificates tax

A solution to clarify the earnings tax within an SMSF already exists and could be provided by actuarial certificates.

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Pensions

Act fast for clients turning 65

TBC indexation

SMSF advisers need to act fast to help clients turning 65 before 1 July make the most of the indexation of the transfer balance cap to $1.9 million.

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Auditing

Sole purpose test breaches overused

sole purpose test breach

A breach of the sole purpose test is being used too often as the justification for lodging an auditor contravention report.

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