News

AFCA, Financial Advice, Superannuation

AFCA complaints hit new record

Australian Financial Complaints Authority actions hit 100,000 for the third year in a row on the back of cost-of-living challenges.

Australian Financial Complaints Authority actions hit 100,000 for the third year in a row on the back of cost-of-living challenges.

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SMSF, SMSFA

Rollover claims ignore destination

Recent claims that small-balance rollovers to SMSFs are risky for superannuants failed to consider the balances of the funds receiving those monies.

Recent claims that small-balance rollovers to SMSFs are risky for superannuants failed to consider the balances of the funds receiving those monies.

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BDBNs, Pensions

BDBN comparable to reversionary pension

A binding death benefit nomination has the ability to achieve the same estate planning outcome as a reversionary pension.

A binding death benefit nomination has the ability to achieve the same estate planning outcome as a reversionary pension.

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ATO, Auditing

ATO outlines SMSF audit focus

The ATO will look at valuation evidence and the processes auditors use to review SMSFs as part of its compliance work during this financial year.

The ATO will look at valuation evidence and the processes auditors use to review SMSFs as part of its compliance work during this financial year.

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ASIC, Crypto Assets

Director banned for SMSF-related scam

A company director has been permanently banned for his involvement in offshore scams that defrauded people of their superannuation.

A company director has been permanently banned for his involvement in offshore scams that defrauded people of their superannuation.

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CSLR, SMSF, SMSFA

CSLR levy on SMSFs anticipated

The government will most likely include SMSFs under any special levy deployed to fund claims currently before the CSLR.

The government will most likely include SMSFs under any special levy deployed to fund claims currently before the CSLR.

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Division 296, Strategy, Superannuation, Tax

Div 296 strategy not just about tax

Multiple factors apart from tax need to be considered when formulating a client strategy regarding the management of a Division 296 tax liability.

Multiple factors apart from tax need to be considered when formulating a client strategy regarding the management of a Division 296 tax liability.

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Death benefits

Benefit delay needs evidence

SMSF trustees have some flexibility as to when they make a death benefit payment, but long delays will require some justification.

SMSF trustees have some flexibility as to when they make a death benefit payment, but long delays will require some justification.

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Financial Advice, Financial Planning

FSC wants more advice supervision

The FSC has called for increased regulatory supervision of the financial advice profession in a new white paper.

The FSC has called for increased regulatory supervision of the financial advice profession in a new white paper.

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LRBA, SMSF, SMSFA

LRBA changes were expected

Restrictions on the use of LRBAs were expected after the budget, given long-term political opposition to them from some quarters.

Restrictions on the use of LRBAs were expected after the budget, given long-term political opposition to them from some quarters.

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