News

financial advice, Financial Planning, Superannuation, Tax

Calls for reform greet govt return

Industry groups have responded to the re-election of the Albanese government by calling for advice and tax reforms to be introduced during its second term in power. 

Industry groups have responded to the re-election of the Albanese government by calling for advice and tax reforms to be introduced during its second term in power. 

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Legislation, Tax

Div 296 conversations need to resume

Division 296 tax, SMSF, SMSF Alliance, David Busoli, Senate, $3 million, total super balance

The result of the weekend’s federal election means practitioners should be preparing for renewed client conversations about the Division 296 tax.

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financial advice, Financial Planning, Superannuation

Collective advice model inequitable

Collective advice, superannuation funds, fee-for-no-service, Institute of Financial Professionals Australia, IFPA, Delivering Better Financial Outcomes, APRA funds, intra-fund advice, fee-for-service

Collectively charging super fund members for advice was unfair to those who did not use it and opened the door for a return of fee-for-no-service arrangements.

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Death benefits, Superannuation

Benefits payable to grandchildren

Cooper Grace Ward, Scott Hay-Bartlem, superannuation death benefit, Grandchildren, Will, SMSF, financial dependant, interdependency relationship

The nature of the relationship between a grandparent and their grandchildren will be the key driver determining if superannuation benefits can be paid to the latter.

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financial advice, Financial Planning, Legislation, Regulation

Govt must start advice reform

The FAAA has called on the government to implement a number of key reforms to the advice sector following its return to office in the federal election over the weekend.

The FAAA has called on the government to implement a number of key reforms to the advice sector following its return to office in the federal election over the weekend.

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ATO

No ATO discretion for illegal drawdowns

Illegal early access, ATO, ASF Audits, Shelley Banton, tax, Practice Statement Law Administration, PSLA,

The ATO’s treatment of illegal SMSF withdrawals trustees have attempted to pay back has not changed, regardless of PSLA 2021/D3’s status.

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SMSF, Superannuation

Low-balance in-specie payment possible

self managed superannuation, self managed super, SMSF, in-specie benefit payment, superannuation balance, Heffron, Annie Dawson, benefit cashing, benefit splitting, benefit redirection

An individual in an SMSF can receive an in-specie benefit payment if their balance is less than the value of the asset, but will need the support of another member to do so.

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Contributions, Superannuation

Don’t rush into bring-forward contributions

self managed superannuation, self managed super, SMSF, bring-forward contributions, bring-forward non-concessional contributions, low-income, three-year bring-forward, non-concessional contribution, NCC, MLC, Scott Quinn, spouse contribution, government co-contribution

Advisers should not rush to use bring-forward non-concessional contributions without first examining how a client can maximise other contributions in the current and future years.

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Business News, Investments, Platforms

Ausiex to acquire FIIG

Share trading platform Ausiex will purchase fixed-income provider FIIG by the middle of the year.

Share trading platform Ausiex will purchase fixed-income provider FIIG by the middle of the year as part of plans to expand it services and product offerings to advisers and investors.

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Retirement, SMSF, Superannuation

TRIS impact on TBC a common trap

TRIS, transfer balance cap, TBC, Accurium, Natalie Scott,

Practitioners must take note of situations where clients with a TRIS turn 65 before 30 June as the event will impact the member’s transfer balance cap.

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