News

Downsizer, Pensions

Downsizer may clash with asset test

downsizer asset test

A number of changes related to downsizer contributions and asset test exemptions may reduce pension entitlements if used incorrectly at the same time.

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ATO, SuperStream

ATO highlights corporate trustee benefits

ATO corporate trustee

The ATO has highlighted the difference between SMSF trust structures and emphasised a corporate trustee has key advantages over individual trustees.

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financial advice

Quick advice review assessment needed

FPA advice review

The FPA has called on the government to quickly assess the final report from the Quality of Advice Review submitted last Friday.

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ASIC

First court action under DDO rules

ASIC DDO

ASIC has commenced civil action in the Federal Court against Firstmac Limited, in what is the initial move of this sort against a financial product provider.

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Business News

Assetly buys SMSF admin business

Assetly SMSF administration Mclowd

Platform provider Assetly has expanded its service offering to now include SMSF administration, having recently acquired Mclowd.

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Pensions, Strategy

Consider CSHC test with pension change

CSHC income test pension

SMSF practitioners should be cautious about pension changes that could negatively interact with new thresholds for the CSHC.

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financial advice, Tax

ATO to review tax deductibility of advice

ATO tax deductibility advice

The ATO will review the tax deductibility of financial advice fees and revise its 27-year-old stance on the matter, a move that has been welcomed by the FPA.

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Appointments

Bowerman announces his retirement

Vanguard Robin Bowerman

Robin Bowerman will retire this month from his role as Vanguard Australia head of corporate affairs and his position on the firm’s executive team.

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Pensions

Excess pension payment rules key

Excess pension payment

SMSF trustees should establish consistent rules as to whether payments in excess of the minimum pension are treated as lump sums.

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Compliance, Documentation, Trusts

Trustee company deregistration suboptimal

Corporate trustee deregistered.

SMSFs face several adverse consequences should a fund’s corporate trustee directors allow the company in question to be deregistered by ASIC.

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