News

Property

Lump sums confirmed for HEAS

lump sum home equity

Changes to the Home Equity Access Scheme will increase its appeal to retirees and provide more flexibility in using capital tied up in residential property.

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ATO

TBC debit calculation updated for MLPs

transfer balance debit pension

An update has been issued by the ATO stating how transfer balance cap debits will be calculated when a non-commutable market-linked pension ceases.

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ATO

ATO streamlines TBAR

ATO SMSFs TBAR

The ATO will streamline the transfer balance account reporting period from 1 July 2023 and reduce the timeframe for SMSFs.

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BDBNs

BDBN dominance confirmed by Hill v Zuda

BDBN Hill Zuda

The status of BDBNs being more suitable to direct benefits compared to pension documents has been confirmed by the result of a recent High Court case.

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Superannuation

Threshold change has SMSF slant

superannuation guarantee threshold SMSF

SMSF trustees may need to reconsider whether to include children in their super fund in light of the impending abolition of the $450 threshold.

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BDBNs, Estate Planning

Status of SMSF wills clarified

SMSF wills status

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

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

ATO SMSF bank account

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

SuperConcepts chatbot

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

Challenger term deposits

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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