News

Financial Planning

Tailored retirement advice needed

retirement financial advice

Financial planners should avoid adopting a one-size-fits-all approach when providing advice to clients in retirement as it will not be effective.

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Administration, Superannuation

Withdrawals raise asset questions

SMSF accidental withdrawal

An accidental withdrawal from an SMSF may not be seen as a loan to a member, but will raise questions around the separation of assets.

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Property, Tax

Payment type irrelevant for property sale CGT

property transactions CGT

Large-value property transactions must clear CGT withholding rules regardless of whether they are made in cash or in specie.

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Financial Planning, Regulation

Advice review must recognise accountants

CAANZ accountants advice

CAANZ has advocated for accountants to be able to provide superannuation advice after having been ignored under the FASEA regime.

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Technology

SuperMate release date reset

SuperMate SuperConcepts

The launch date for the new SuperMate SMSF accounting software has been reset and will now occur at the end of this month.

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Superannuation

SMSF members most satisfied

SMSFs customer satisfaction

SMSFs were the highest-ranking fund type in relation to member satisfaction in 2021, despite COVID-19 challenges, according to a new report.

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Strategy, Superannuation

Rapid reserves drawdown possible

SMSF reserves drawdown

The speedy drawdown of reserves in an SMSF is possible by introducing new members with large balances or breaching cap rules.

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Appointments

Chief executive departs Class

Class chief executive

Class chief executive Andrew Russell has announced his departure as the firm’s acquisition by Hub24 approaches its conclusion.

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Estate Planning

Address death benefits at fund set up

death benefits establishment

The best time to address the payment of death benefits for SMSF members is at the time of the fund’s creation.

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Auditing

ATO issues SAN misuse reminder

SAN misuse reminder

Practitioners have been reminded to submit their responses to the SMSF auditor number misuse mail-out performed by the ATO last September.

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