News

Pensions

Reversionary change not court tested

reversionary pension change

Adding a reversionary beneficiary to a pension is possible but to date such a move has not been tested in the courts of law.

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SMSFA

SMSFA launches toolbox to help specialists

SMSF association specialist toolbox

The SMSF Association has launched a toolbox to help members promote their specialist skills to industry peers, current and prospective clients.

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Investments

Unlisted investments detail a must

SMSF unlisted investments evidence

Several sources of evidence should be sought by SMSF auditors to ensure an investment in an unlisted entity does not involve a related party.

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Pensions

Old certificate can be used for proxy values

actuarial certificate pension

An old actuarial certificate may be used to calculate a fund’s tax position if a new one is unobtainable where minimal change has taken place.

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Business News

Prime Financial Group broadens SMSF presence

Prime Financial Intello

Gold Coast-based SMSF administration service provider Intello has been acquired by Prime Financial Group as part of a structured expansion program.

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financial advice

Advice creates better quality of life

financial advice quality life

New research has found financial advice has a wide impact and improves the quality of life for recipients beyond purely financial benefits.

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ASIC

Gore fined for managing company

craig gore fined

A former Gold Coast property developer who defrauded SMSF investors has been fined for managing a company while in jail and disqualified from doing so.

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Auditing

ACRs can add value

auditor contravention reports value

An auditor contravention report can add value to the running of an SMSF and as such accountants and trustees should not be fearful of them.

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Compliance

Court may allow bankrupts to be trustees

bankrupt SMSF trustees

SMSF trustees that have become bankrupt may be able to remain as trustees, but will require a spotless record to do so.

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Contributions, Death benefits

Call for budget to address four key issues

death benefit lump sums

An industry body has made a call to change the laws governing lump sum death benefit payments and unused concessional contributions caps.

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