News

Contributions

No need to track early release recontributions

SMSF early release recontributions

SMSFs will not need to track or measure COVID-19 early release recontributions with that task being handled by the ATO.

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ATO

ATO raises alert over SMSF scams

ATO SMSFs scams

The ATO has warned individuals to remain vigilant following an increase in cold-calling scams focused around SMSFs.

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ASIC, Financial Planning

Limited advice guidance released

limited advice ASIC

Practitioners providing limited financial advice have been provided with an ASIC information sheet to assist with their compliance obligations.

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Superannuation

Multiple splitting order possible

SMSF spousal splitting

The use of a multiple splitting order in the event of a divorce between spousal SMSF members can be an avenue to a more equitable result.

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ATO

ATO to address practitioner non-compliance

ATO SMSF practitioners

The number of practitioners failing to meet their obligation as trustees to lodge the fund’s annual return on time is of concern to the ATO.

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Documentation, Pensions

Guardian an alternative to BDBN or pension

SMSF death benefit guardian

SMSF trustees are not restricted to binding nominations or reversionary pensions when planning to direct a death benefit and can name a guardian to oversee that process.

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ASIC

ASIC launches six cases against Westpac

ASIC Westpac penalty

ASIC has launched six civil penalty proceedings against Westpac following an investigation that allegedly found clients were wrongly charged, even while deceased.

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ATO

SuperStream timing issues evident

SuperStream time frame

Practitioners are seeing very few rollovers from public offer funds to SMSFs occur within the required time frame under the SuperStream system.

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Insurance, Investments

Insurance key part of investment strategy

SMSF insurance strategy

SMSF trustees must remember the provision of insurance via their fund is covered by the investment strategy and must carry appropriate reasoning.

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FASEA

FASEA has right words, wrong form for conflicts

FASEA conflicts

FASEA has the found the right words to address conflicts of interest in its Code of Ethics but has mangled their delivery, claims one industry body.

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