News

ECPI

ECPI rules of thumb available

calculating ECPI

Practitioners can apply some rules of thumb to help their clients choose the most suitable method of calculating ECPI for a given financial year.

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ATO, Superannuation

ATO warns against SMSF promoters

SMSF promoters

Super fund members have been warned to avoid and report to the ATO anyone who promotes SMSFs as an early access scheme.

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Superannuation

Super to be opened for abuse compensation

superannuation abuse compensation

The government will allow court-ordered release of superannuation where a child sex abuser has used it to hid assets from compensation claims.

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Pensions

CSHC changes unlock older pensions

CSHC thresholds pensions

Higher income thresholds for the Commonwealth Seniors Health Card have opened the ability to make changes to older pensions without losing the card.

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Investments

Gold okay, but collectable status debatable

Gold collectable

An investment in physical gold must be specific to be classed as a collectable and a safer option may be to invest via a listed fund.

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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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