News

Pensions

Pension status vital in wind-ups

SMSF pensions

The status of all current pensions needs to be taken into account when looking to wind up an SMSF to avoid cancelling any with special treatment.

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Estate Planning, Property

Limited consideration of property at death

SMSF property death benefit

Non-specialist SMSF advisers are not considering how to treat property as a death benefit.

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Financial Planning

Individual registration problematic

SIAA individual registration

An industry body has suggested a move to individual registration for financial advisers is another one-size-fits-all solution unlikely to succeed.

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Superannuation

Call for superannuation certainty

superannuation election

A call has been made for whichever party forms the next government of the country to ensure the ongoing certainty of the retirement savings system.

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Estate Planning

BDBNs can pose adviser risk

BDBN SMSF legal

The practice of using a BDBN to direct the death benefits of an SMSF member straight to that person’s estate could soon attract legal action.

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Auditing, Investments

Beware the 13.22C trust crackdown

13.22c breaches

Auditors are increasing their focus on SMSFs with holdings in SIS Regulation 13.22C unit trusts and any operational breaches that may have occurred.

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Contributions, Regulation

Downsizer change addresses two issues

downsizer contribution issues

Two existing issue within the current superannuation framework have been addressed by the amendment to the downsizer contribution rules.

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Superannuation

Death benefit conundrum clarified

member benefits SMSF

Uncertainty over whether certain superannuation payments are to be treated as member benefits or death benefits has been cleared up.

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Pensions

Act now on enacted legacy pension changes

legacy pension budget

Legacy pension holders should not wait for proposed budget measures that may not eventuate, but take advantage of recent changes to exit those products.

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Financial Planning

Individual registration a favoured structure

advice individual registration

A financial advice framework incorporating individual registration rather than individual licensing is a favoured option among industry bodies.

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