News

ASFA measures impact of COVID super relief

August 11, 2022

Industry analysis has shown the initiative to allow people to access their superannuation early as a COVID-19 financial hardship measure was a success.

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Pensions

Reserve removal must be fair

August 10, 2022

Darin Tyson-Chan

Fairness is a criteria that needs to be observed when looking to allocate monies tied up in reserves across all members of an SMSF.

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Property

Property work most likely to cause NALE issue

August 10, 2022

Jason Spits

Property improvements carried out within an SMSF are most likely to be the place where NALE breaches occur as trustees make mistakes about what actions they can take.

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Insurance

Premium payment timing may impact deduction

August 10, 2022

Jason Spits

SMSFs claiming a future service deduction on life insurance benefits should make premium payments regularly to ensure the deduction remains available.

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Education

Govt to review education standards, exam

August 10, 2022

Jason Spits

The government has asked Treasury to open consultation on changes to the education requirements and exam applied to financial advisers.

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Documentation

Documentation gap a real issue

August 9, 2022

Darin Tyson-Chan

Advisers need to be conscious of a growing documentation gap in the SMSF sector due to the changing face of interpersonal relationships.

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LRBA, Trusts

Unit trust LRBAs lose safe harbour protection

August 9, 2022

Jason Spits

Safe harbour provisions applied to real property LRBAs are not mirrored if the arrangement is set up within a unit trust.

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ASIC, Financial Planning

ASIC funding model review starts

August 9, 2022

Jason Spits

Five years after its implementation, Treasury will lead a review into the industry funding model used to pay for the work of ASIC.

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Contributions, Tax

ATO won’t speculate for Part IVA

August 8, 2022

Darin Tyson-Chan

The ATO has stated it will not try to forecast SMSF scenarios into the future to determine if it will apply Part IVA of the Income Tax Assessment Act.

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Contributions

Govt moves to further reduce downsizer age

August 8, 2022

Jason Spits

Legislation to further reduce the eligibility age to make downsizer contributions has been introduced into parliament only weeks after a similar change commenced.

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