News

financial advice

Pre-retirees offer advice opportunity

Financial advisers retirement

An opportunity exists for financial advisers to assist individuals over the age of 45 who are employed full-time with their retirement preparations.

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Investments, Regulation

Sole purpose a gatekeeper for assets

sole purpose gatekeeper

The sole purpose test should be seen as a gatekeeper to prevent SMSFs from investing in assets that are unsuitable for the fund and members’ goals.

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Retirement

Control key to retirement ease

financial control retirement

Control over one’s financial circumstances is a critical factor in the ability for an individual to enjoy a higher level of well-being in retirement.

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Auditing

Auditors reminded to report SAN misuse

auditors SAN misuse

SMSF auditors have been reminded to alert the ATO to any misuse of their auditor number before the middle of next month.

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ECPI

Recording ECPI choice a must

ECPI choice

The method decided upon to calculate how an SMSF calculates its exempt current pension income has to be recorded officially.

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Contributions

Contribution splitting a slow-burn strategy

spouse contribution splitting

Spouse contribution splitting strategies can be useful for couples, but their impact is not immediate and can take several years to be seen.

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Trusts

Tread carefully on overpaid present entitlements

SMSF overpaid present entitlement

SMSFs receiving an overpaid present entitlement must step carefully to prevent it being treated as a borrowing and breaching superannuation law.

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Contributions, financial advice

Inflation piquing adviser interest

inflation contributions advisers

The inflationary effect on the superannuation rules and downsizer contributions dominated adviser queries in the final quarter of last year.

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Investments

Portfolios reviewed more often

Investment strategy SMSF

An increasing number of SMSF trustees have been found to be reviewing their fund’s investment strategy on a more frequent basis.

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ATO

ATO warns against asset protection scheme use

asset protection scheme

The ATO has warned SMSF trustees to avoid using schemes that offer to protect assets within their fund via the use of an external trust.

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