News

financial advice, Retirement

Australians forgoing retirement advice

ASFA Retirement Advice

New research shows nearly half of Australian adults have not sought retirement planning information, with a significant gap between those trusting professional advice and those actually using it.

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Contributions, SMSF, SuperStream

Trustees still bypassing SuperStream

Research has shown a significant proportion of trustees are neglecting to use SuperStream when processing contribution transactions.

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NALI/NALE

Question NALE actions inside funds

SMSF Self-managed superannuation NALE non-arm’s length expenditure reasonable attempt Tony Negline Chartered Accountants Australia and New Zealand

SMSF trustees should be asked if any actions in relation to fund assets fall outside their trustee capacity as these will not be considered as a reasonable attempt to comply with the NALE rules.

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BDBNs, Documentation, SMSF

Avoid deed restrictions, but keep instructions

New SMSF deeds should not lock down the operation of BDBNs or pensions, but not be so open ended they lack any reference to how they will be executed at the appropriate time.

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SMSF, Tax

Volatility shows Div 296 inequity

Large swings in the value of volatile assets, which could lead to SMSFs being subject to Division 296 tax, highlights the problem with taxing unrealised gains.

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Contributions, SMSF, Superannuation

NCCs spike after work test removal

Non-concessional contributions Class Ignite 2024 2024 Annual Benchmark Report NCC Work test Class

The Class “2024 Annual Benchmark Report” has revealed a significant increase in the amount of non-concessional contributions made by SMSF members aged 65 and over.

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Regulation, SMSF

Central management and control test misunderstood

Central management and control test Katie Timms Two-year rule CMC

SMSF trustees travelling overseas are retrospectively applying the two-year rule to the central management and control test rather than correctly stating their intentions prior to departure.

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Pensions

Legacy pension proposals a win

SMSF legacy pensions SMSF Association Peter Burgess draft regulations consultation

Proposed regulations to allow simple exits from legacy pensions are a positive result for the SMSF sector, which has called for their introduction for five years.

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financial advice, Regulation

Dixon Advisory inquiry to go ahead

Dixon Advisory Inquiry FAAA Financial Advice Association Australia

A public inquiry will be held into the collapse of Dixon Advisory after the FAAA secured support for the move in parliament.

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financial advice, Regulation

Advice reform regulations tabled

Treasury Laws Amendment (Delivering Better Financial Outcomes) Regulations 2024 Delivering Better Financial Outcomes Quality of Advice Review QAR

Regulations to deliver on reforms proposed in the Quality of Advice Review have been tabled by Treasury, with some taking immediate effect.

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