News

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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Death benefits

Sort death benefits at start of divorce action

death benefits divorce

Death benefits should be addressed at the outset of a marital split to prevent former partners receiving monies that are no longer intended for them.

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Superannuation

SMSF asset growth unsurprising

SMSF asset growth

The SMSF Association claims ongoing growth in fund assets is not unexpected and highlights the resilience of the sector.

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ATO, Compliance

ATO corporate trustee disqualification upheld

corporate SMSF trustee disqualification

The director of a corporate trustee who illegally accessed nearly $900,000 of superannuation has lost an appeal to have their disqualification overturned.

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Documentation

Deed must avoid stranded money

SMSF deed stranded money

The SMSF trust deed must contain particular clauses to ensure remaining monies in a single-member fund can be exited from the superannuation system.

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Property

Business real property use must be restricted

business real property use

SMSFs with business real property are not required to use every part of it as long as they can show it is not being used for any other purpose.

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