News

financial advice

Reminder to check status of advice providers

SMSF trustees have been reminded to check the status of any advice provider they use in the establishment and running of their fund.

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Retirement

Many Australians underfunded for retirement

More than half of Australians do not have the savings and assets required to have a retirement income of $60,000 according to a new survey.

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Pensions

Common strategies endanger CSHC

pension health card

The ability for SMSF members to receive the Commonwealth Seniors Health Card can be compromised by two common pension strategies.

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Estate Planning

Separate SMSFs useful to address distortion

separate SMSFs

Separate SMSFs can be a useful estate planning tool where the financial relationships between parties have been distorted over time.

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Superannuation, Tax

Super tax wishlist will not help budget

superannuation taxes

Analysis by the FSC has shown ‘wishlist’ superannuation taxes would do little to boost the budget and negatively impact fund members.

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Estate Planning, Technology

Midwinter, Inherit Australia strike deal

A new agreement will see data integration from the Midwinter financial advice software into the Inherit Australia estate planning tool.

A new agreement will see data integration from the Midwinter financial advice software into the Inherit Australia estate planning tool.

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Pensions

ATO pension discretion needs care

ATO pension discretion

Best practice dictates advisers adopt a conservative approach where an SMSF client is relying on ATO discretion regarding a minimum pension breach.

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Documentation

Print amended deeds regardless of length

amended SMSF deeds

The production of deeds should be no respecter of paper, with an SMSF legal expert urging the use of new paper deeds for every update and change.

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Accounting, financial advice

Limited licence adviser numbers drop sharply

accountants limited licence

The number of accountants operating under a limited licence has more than halved in the past year compared to peers under a full licence model.

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ASIC

Mayfair appeal against ASIC penalty dismissed

Mayfair appeal against ASIC

The Federal Court has dismissed an appeal by Mayfair 101 against a $30 million penalty for false advertising handed to it late last year.

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