News

Administration, Superannuation

New SMSFs unlikely running by 1 July

SMSF set up

The likelihood of a new SMSF being set up by 1 July is very low due to the extra steps added into the process.

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Contributions

Contribution changes packaged for clients

contributions changes SMSF

The SMSF Association has condensed the contribution changes taking place into a new white-label document for use with advice clients and fund members.

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Superannuation

Super policy execution hazy

Labor superannuation policy

Industry stakeholders remain unclear as to how Labor will implement its commitment to having superannuation play a bigger role in the economy.

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Administration

Reporting lag an admin challenge

reporting lag contributions

The lag in the reporting for SMSFs is going to create an administrative issue for service providers with regard to the new contributions rules.

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ASIC, Financial Planning

ASIC not seeking compliance perfection

ASIC compliance perfection

ASIC has recognised the high level of complexity in financial services legislation and is not expecting advisers to meet those standards every time.

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ESG

VanEck offers new ESG option

VanEck Carbon Credits ETF

A new ETF is set to be introduced to the market allowing individuals to invest in carbon credit futures across the world.

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NALI/NALE, Trusts

Unit trusts a NALE risk

unit trusts NALE

SMSF investments in unit trusts can create NALE issues if a member of the fund is also a trustee of the unit trust in question.

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Documentation, Technology

E-signature changes not yet practical

E-signature changes

Recent changes to allow electronic signing of trust deeds must be accompanied by similar changes to a wide range of SMSF documents to be useful.

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Retirement, Superannuation

Retirement income education campaign needed

Retirement income program

The incoming federal government should create an education program around the operation and use of superannuation and retirement income.

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Contributions

Contribution safety nets removed

work test removal

SMSF trustees will receive minimal guidance and no red flags about voluntary contributions after the removal of the work test.

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