News

Retirement

Advice focus shift required on retirement

advice retirement spending

The advice focus for pre-retirees and retirees needs to move towards spending guidance rather than some of the more traditional advisory themes.

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Investments

Private debt a cash replacement

private debt SMSF

Access to private debt markets may be a suitable replacement for cash investments for funds unable to access the direct property market.

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Documentation

BDBN substitutes need same result

BDBN alternatives

Alternatives to a binding death benefit nomination must achieve the same outcomes for members if they are based on a trust bound agreement between trustees and members.

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Superannuation

Don’t drain all funds post terminal diagnosis

SMSF terminal illness

SMSF trustees diagnosed with a terminal illness should not empty their member balance as retaining some funds is necessary to ensure insurance benefits can be paid.

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Technology

Next generation SuperMate to launch in 2022

SuperMate upgrade

SMSF accounting software platform SuperMate has undergone a complete upgrade and will be released into the market in February next year.

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ATO

TBAR amnesty can’t be relied on

TBAR penalties

The ATO’s position to date not to impose penalties for the late lodgement of transfer balance account reports cannot be expected to last.

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Pensions

Plan for legacy pension switch now

legacy pension conversion

SMSF advisers should be speaking with clients about legacy pension conversions so they can take action and avoid a large tax bill for their estate.

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Financial Planning, Superannuation

COVID relief needs specialist advice

SMSF specialist advice

Specialist advice is needed for SMSFs to navigate the impact and extension of the COVID-19 relief measures, according to the SMSF Association.

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AFCA

AFCA unveils complaint management platform

AFCA complaints financial

AFCA has launched an interactive platform to help member firms manage real-time complaints and reduce disputes in the future.

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ASIC

Mawhinney hits back at contempt claims

ASIC Mayfair contempt

Formal complaints have been filed against ASIC in response to the regulator’s contempt of court allegations regarding Mayfair 101.

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