News

Contributions

Look past caps for reserve drawdown

SMSF reserve caps

SMSF reserves can be reduced by looking past contribution caps and using them to force cash into the hands of members.

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NALI/NALE

Push for government review of NALE rules

NALE rules review

The government must step in and take action on the application of the NALE rules to ensure they do not create negative unintended consequences.

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Investments

Wholesale investor change call lacks evidence

wholesale investor definition

Calls to amend the wholesale investor test lack evidence of the harm the current threshold creates and ignore the voice of consumers.

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Appointments

ASFA appoints new chair

ASFA appointed chair

A new independent chair has been appointed to the Association of Superannuation Funds of Australia board, effective at the end of February.

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Superannuation

Trust deed has final BDBN sway

trust deed BDBN

The trust deed is more important than any rules of law with regard to binding death benefit nominations that are not constrained by a set time frame.

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Compliance, Financial Planning

Compo scheme must include products to be fair

compensation scheme products

The exclusion of product manufacturers from the compensation scheme of last resort will unfairly shift costs and blame to advisers.

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Regulation

Super praised for COVID-19 role

superannuation COVID-19

The federal opposition has acknowledged the critical role superannuation was able to play during the height of the COVD-19 pandemic.

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Retirement, Superannuation

QROPS reporting a wind-up issue

QROPS SMSFs

Specific circumstances must be taken into account when looking to wind up an SMSF with retirement savings balances transferred from the UK.

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Insurance, Tax

Insurance death benefits have tax traps

insurance death benefit SMSF

The tax treatment of a lump sum death benefit from an insurance policy held by an SMSF will vary and cannot be applied to all beneficiaries.

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Education, FASEA

SAFAA welcomes adviser standards reset

SAFAA advisers standards

SAFAA has suggested alternative educational requirements for financial advisers after the government proposed resetting the standards.

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