News

Contributions

Order critical for contribution splitting

personal contribution splitting

SMSF members making a personal deductible contribution to split it with another member must order the process correctly or they will fail to do both.

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Superannuation

Salary sacrifice amounts need review

super guarantee salary sacrifice

Unadjusted salary sacrifice amounts could result in breaches of the concessional contribution cap due to the recent increase to the SG.

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ATO, Documentation

ATO trustee declaration critical

SMSF trustee declaration

The importance of the ATO SMSF trustee declaration has been demonstrated by a recent case heard in the Supreme Court of NSW.

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BDBNs

Undisclosed BDBNs still valid

BDBN valid

An SMSF expert has said a binding death benefit nomination does not need to be shared with fund trustees to be considered valid.

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ETFs

New ETFs provide access to US bonds

ETF Securities US bonds

ETF Securities has released two ETFs that will offer exposure to fixed income investments via US government and corporate bonds.

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Superannuation

New trustees show strategic nous

SMSF trustees strategic

Research conducted earlier this year has indicated SMSF trustees who established their funds between 2020 and 2022 are strategic in their approach.

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Tax

SMSFs must pay GST for enterprise activity

SMSFS GST

SMSFs that engage in taxable enterprises will have to pay GST even if they are not registered for it and have made arrangements to move assets into the fund.

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Technology

FPA releases SOA video toolkit

FPA SOA video

The FPA has released a new toolkit for creating a video statement of advice as preparing paper documents can be too time consuming.

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Appointments

OpenInvest hire to drive advice partnerships

OpenInvest senior consultant

OpenInvest has appointed a senior consultant to drive the uptake of its digital investing solution for wealth management firms.

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Investments, Strategy

Investment strategy causing angst

SMSF investment strategy

SMSF practitioners remain frustrated at the lack of definitive instruction and poor trustee attitudes in relation to fund investment strategies.

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