News

ATO

ATO updates SuperStream guidance

ATO SuperStream

Information pertaining to when the SuperStream system must be used to process superannuation rollovers has been updated by the ATO.

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Retirement

Retirement projection tool upgraded

mSmart retirement tool

mSmart has updated its retirement modelling tool to factor in the impacts of downsizing, reverse mortgages and broken work patterns.

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Contributions

Downsizer change may lack impact

downsizer contribution change

The reduction in the eligibility age for downsizer contributions may not see the provisions being adopted by more individuals of a younger age.

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Death benefits

Trust deed has final say on BDBN timeframes

SMSF BDBN deed

The Hill v Zuda case means SMSFs can make a BDBN last indefinitely, but only where a trust deed does not constrain it in any way.

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Accounting, Financial Planning

Accountants well qualified to give advice

accountants SMSF advice

Qualified accountants should be able to provide limited SMSF advice having already met the standards needed to do so.

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Property, Retirement

Reverse mortgage milestone passed

Pension Boost reverse mortgage

A specialist firm that helps pensioners access reverse mortgages has passed a milestone in approvals from a scheme run by the government.

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Financial Planning, Regulation

Advice delivers trustee opportunities

specialist financial advice SMSF

Specialist financial advice is providing trustees with better regulatory knowledge that can lead to a material benefit for their SMSF.

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Auditing

Workaround possible for limited valuation data

SMSF property valuation

SMSF trustees who cannot find comparable sales data for use in a property valuation can rely on other forms of information if they have sufficient evidence.

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Financial Planning

Industry push for advice regime change

Industry bodies advice review

A group of 12 industry bodies has recommended the Quality of Advice Review focus on making advice easier to deliver by enabling the professionalism of practitioners

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Financial Planning

Perception tarnishing SMSF advice

SMSF financial advice

Poor industry perception is preventing younger SMSF trustees from seeking financial advice to assist them in the running of their own super fund.

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