News

Status of SMSF wills clarified

June 28, 2022

The use of SMSF wills is likely to increase after the Hill v Zuda case affirmed they were a legitimate way to bind death benefits to a beneficiary.

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Compliance, Regulation

Director ID process user unfriendly

director identification elderly trustees

June 28, 2022

Darin Tyson-Chan

Anecdotal evidence has indicated the application process to obtain a director identification number is proving extremely hard for elderly trustees.

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ATO

Unique SMSF bank account necessary

June 28, 2022

Tia Thomas

The ATO has advised a unique bank account be used to conduct SMSF operations and for trustees to be aware of possible fraud where a third party was given access.

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Technology

Admin provider adds automated help function

June 28, 2022

Jason Spits

SuperConcepts has added an automated tool to direct users of its website to relevant information based on a few questions.

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Investments

Challenger pitches term deposits to retirees

June 28, 2022

Tia Thomas

Challenger has added term deposits pitched at the retiree market to its product suite after rebranding its recently acquired digital bank.

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Accounting, Financial Planning

SMSF growth good news for advisers

June 27, 2022

Jason Spits

SMSF practitioners expect recent establishments to continue and fund advice to boost revenue in the coming years.

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Technology

SuperMate update reflects regulatory changes

June 27, 2022

Tia Thomas

SuperConcepts has release an update for its SuperMate software to reflect changes in regulation that take effect in the new financial year.

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Documentation, Property

Property documentation more critical

June 27, 2022

Darin Tyson-Chan

Standard documentation practices for proof of ownership regarding SMSF properties have a taken on different implications due to a NSW law amendment.

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BDBNs

No requirement to approve BDBN

June 23, 2022

Jason Spits

The Hill v Zuda case has confirmed SMSF members are not required to get trustee approval to make or change their BDBN.

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Regulation

Government urged to enact NALI changes

June 23, 2022

Tia Thomas

The Tax Institute has pointed out to the government key superannuation areas needing attention, including amendments promised prior to the federal election.

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