News

ATO

Fund Lookup processes need review

Super Fund Lookup review

The efficiency and accuracy of the Super Fund Lookup system can be improved by streamlining the internal processes currently involved.

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Business News

SMSFA pushes back national conference

SMSFA conference

The SMSFA will push ahead with plans for a face-to-face conference in 2022 but has postponed the date by two months.

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Property, Superannuation

Property focus for six member funds

six-member SMSFs property

The take-up of six-member SMSFs is initially coming from families looking to invest and develop in capital intense property projects.

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ETFs

ETF popularity boom continues

ETF growth

Exchange traded funds (ETF) recorded strong investor interest in 2021 which has been predicted to continue through this, according to market trend research by Vanguard and the ASX.

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ATO, Documentation

Director IDs not for public reference

director identification ABRS

Director identification numbers will not be made available to the greater public through the Australian Business Registry Service.

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Financial Planning

SMSFs still in the dark over DDO

SMSF DDO

Two differing positions within the law continue to create uncertainty as to whether SMSF advisers must comply with the DDO regime.

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Estate Planning, Tax

BDBN to estate can create tax advantage

BDBN estate tax

Having a person’s estate specified as the beneficiary of a binding death benefit nomination could result in a significant tax saving.

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Compliance

TMD compliance burden surfaces

compliance TMD

Advisers are already experiencing additional compliance obligations brought about by the target market determination requirement under the new DDO rules.

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ATO

Late death benefit payout excuses limited

death benefit timeframe

The ATO will only recognize limited reasons offered by trustees as an acceptable excuse for not paying a death benefit within the standard timeframe.

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Financial Planning

Transaction complexity linked to capacity

trustee capacity

The ability of an SMSF trustee to make rational decisions can be linked to the complexity of a particular action and capacity should not be assumed.

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