News

Superannuation

Minimal budget changes endorsed

superannuation federal budget

The fact superannuation changes announced in this year’s federal budget have been minor has been welcomed by the main financial services bodies.

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Pensions

Volatility drives pension reduction

minimum pension reduction

The 50 per cent reduction in the minimum pension drawdown will remain in place until mid-2023 due to market volatility.

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NALI/NALE

Share schemes expansion needs NALE clarity

NALE share schemes

An expansion of access to employee share schemes puts more weight behind the need for clarity in the operation of non-arm’s-length expenditure rules.

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Property

FHSSS slightly more attractive

super saver scheme

The First Home Super Saver Scheme may have more appeal for some given the reduction in minimum deposits on home purchases included in the budget.

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ATO, Contributions

ATO contributions discretion unlikely

excess contributions discretion

The ATO is unlikely to exercise discretion when super fund members make excess contributions, adopting the same stance taken in regards to early access.

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Documentation

Digital protocols a step closer

SMSF digital documents

A bill recently tabled in parliament has brought trustees closer to the ability to approve SMSF documents without a physical signature.

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Accounting

Super levels must be boosted

superannuation levels

Australians want to increase their level of superannuation savings and consider early access and super guarantee postponements as detrimental to this goal.

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Pensions

Reversionary pension change hazy

reversionary pension SMSF

The ability for an SMSF to legitimately change the nominated reversionary beneficiary of an existing income stream remains unclear.

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Documentation, Estate Planning

EPOA disputes have common causes

EPOA disputes

Disputes around an enduring power of attorney usually have three causes and advisers can play a role in helping clients resolve them.

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Education

Poor results in first ASIC adviser exam

ASIC adviser exam

The results for the first ASIC administered financial adviser exam have been released, with more participants failing than passing.

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