News

Superannuation

New trustees prove sector is healthy

new smsf trustees

Individuals who are looking to become SMSF trustees are on average getting younger, which is a sign the sector is in a healthy state.

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Property

Business real property use must be fixed

Business real property use

SMSFs looking to hold business real property cannot fiddle with its use and must ensure its status was and will remain fixed.

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Financial Planning

Industry welcomes QAR proposals

Advice review proposals

Proposals from the Quality of Advice Review to shift advice away from compliance to consumers have been welcomed by a broad swathe of the advice sector.

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Pensions

Pension estimates gain importance

pension commencement value

The ability to estimate a pension commencement value needs to be recognised given the new shorter TBAR timeframe taking effect from 1 July 2023.

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Estate Planning

Divorce raises estate planning questions

Divorce estate planning SMSF

SMSF trustees must consider estate planning when divorcing as binding nominations may see their former partner act for them on their death.

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Superannuation

Let everyone know who the best are

SMSF service providers

SMSF practitioners are key users of service providers and are invited to tell us which firms have led the way in the past year.

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Financial Planning

Good advice not tied to documents, processes

advice regulation content

The Quality of Advice Review has suggested regulation should focus on the content of advice instead of documents and processes.

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Education

Financial adviser education consultation open

Financial adviser education

The consultation process regarding the review of the financial advice education standards has been started by the new Labor government.

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ATO

Voluntary disclosure service praised

ATO voluntary disclosure

An industry poll has revealed the ATO early engagement and voluntary disclosure facility has been used by less than one fifth of SMSF trustees.

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ATO, Compliance

Non-compliant practitioners targeted

Non-compliant SMSF practitioners

Strict enforcement action will be taken by the ATO against trustees who are industry practitioners who still have outstanding SMSF annual returns.

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