News

Accounting, Financial Planning

SMSF growth good news for advisers

SMSF increase advisers

SMSF practitioners expect recent establishments to continue and fund advice to boost revenue in the coming years.

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Technology

SuperMate update reflects regulatory changes

SuperMate update

SuperConcepts has release an update for its SuperMate software to reflect changes in regulation that take effect in the new financial year.

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Documentation, Property

Property documentation more critical

SMSF property documentation

Standard documentation practices for proof of ownership regarding SMSF properties have a taken on different implications due to a NSW law amendment.

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BDBNs

No requirement to approve BDBN

BDBN approval

The Hill v Zuda case has confirmed SMSF members are not required to get trustee approval to make or change their BDBN.

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Regulation

Government urged to enact NALI changes

tax institute superannuation

The Tax Institute has pointed out to the government key superannuation areas needing attention, including amendments promised prior to the federal election.

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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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