News

Penalty units slated for two increases in 2023

November 1, 2022

The planned increase in penalty units in the budget is to offset bad debts and will be one of two increases planned for next year.

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Investments, Technology

OpenInvest partners with advice firm

November 1, 2022

Jason Spits

OpenInvest has joined with an advice firm working with high net worth clients to offer online investments to those still building their wealth.

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Downsizer

Downsizer consequences need noting

October 31, 2022

Darin Tyson-Chan

A range of issues need consideration by trustees if they qualify to make downsizer contributions once the reduction in the qualifying age is implemented.

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Pensions, Superannuation

TBC Indexation highly likely

October 31, 2022

Jason Spits

The budget has flagged ongoing high levels of inflation will continue into 2023 and will drive the transfer balance cap up to $1.9 million.

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Retirement

Budget should prompt CSHC reassessment

October 31, 2022

Jason Spits

Budget changes to the income threshold for the Commonwealth Seniors Health Card may allow more self-funded retirees access to it.

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ETFs

Vanguard improves ETF offering

October 31, 2022

Jason Spits

Vanguard has upgraded its ETF offering by dropping certain fees and will soon release an automatic investment capability to this business arm.

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Trusts

13.22C trust rules easy to breach

October 27, 2022

Darin Tyson-Chan

Advisers must be aware circumstances such as an overdrawn bank account can cause a contravention of the SIS regulation 13.22C trust rules.

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Pensions

Use current laws to release legacy pensions

October 27, 2022

Jason Spits

The lack of action in regards to an amnesty for legacy pensions may require SMSF members to use current laws allowing for an exit from market-linked pensions.

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Accounting