News

NALI/NALE

NALI compels LRBA conservatism

NALI LRBA

SMSF advisers have been warned not to take an aggressive stance with LRBA interest rates involving related parties to avoid invoking the NALI rules.

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ECPI

ECPI calculation switchable year-on-year

ECPI calculation

SMSFs are not locked in to using the same exempt current pension income (ECPI) calculation method each year and can freely switch as it suits them.

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Death benefits

Tax dangers for testamentary trusts

death benefits testamentary trust

An SMSF expert has warned there could be death benefit tax repercussions for beneficiaries of a testamentary trust if their status is unclear.

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ASIC

Dixon clients urged to lodge AFCA complaint

AFCA Dixon Advisory complaint

ASIC has told former clients of Dixon Advisory to lodge a formal complaint so they may be eligible to receive compensation under any schemes launched in the future.

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Documentation

Documentation not one dimensional

SMSF documentation

A multifaceted approach is required with regard to SMSF documentation to ensure fund compliance and to limit professional risk.

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Property

Agency agreement central for building work

SMSFs related-party builder

SMSFs can use a related-party builder for construction work, but must have clear arrangements around the purchase of materials and terms of the contract.

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ASIC

Adviser banned for early release advice

Adviser banned early release

ASIC has banned an adviser who recommended clients use an SMSF to gain illegal early access to their superannuation.

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Appointments

Class names four new general managers

class general managers

Class has announced the appointment of four new general managers for its range of products.

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ASIC, Property

ASIC stops property investment promotion

ASIC property investment

ASIC has placed a stop order on a property investment pitched at SMSFs over concerns its performance figures were misleading or deceptive.

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Contributions

Work-test-led strategies unique

contribution strategies

Contribution strategies for people aged between 67 and 75 are different and advisers need to consider several matters before recommending them.

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