News

Financial Planning, Retirement

Covenant creates SMSF advice openings

retirement income covenant advisers

The Retirement Income Covenant could motivate more SMSFs to implement secure strategies and create opportunities for financial advisers.

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Financial Planning

Better delivery of advice needed

financial advice review

Improving the delivery of financial advice to consumers is a key result Treasury’s Quality of Advice Review should deliver.

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Regulation

Super earmarked for economic policy role

superannuation policy labor

Superannuation will definitely play a more specific and significant role in the economic policy of the Labor Party should it win the federal election.

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NALI/NALE

NALE fix possible in pending changes

NALE contribution rules

Pending changes to contribution rules being considered by the ATO could factor in a fix for the problems with the NALE provisions presented by the superannuation industry.

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Estate Planning, Retirement

Return focus of super to retirement spending

retirement estate planning

The end result of superannuation should be spending in retirement and not estate planning, according to a technical expert.

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Superannuation

Old terminology hindering wind-ups

trust deeds terminology

Outdated terminology in trust deeds could impact an SMSF’s ability to wind up, a technical expert has pointed out.

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ATO

ATO automation requires patience

ATO SMSF Association

The ATO is working towards increasing its use of technology, but the industry needs to be realistic as to how long it will take for this to happen.

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Superannuation, Tax

No new super taxes from coalition

superannuation taxes

The Morrison government has vowed there will not be an increase to superannuation taxes should it be returned at next month’s federal election.

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Insurance

Insurance payment confusion can derail benefits

SMSF life insurance

The SMSF sector has not properly understood how life insurance premiums can be paid from a fund, which may lead to problems when benefits are paid.

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Auditing

SAN misuse action having effect

SAN misuse action

Positive results are materialising from the ATO mail-outs to auditors and trustees as a means of addressing instances of SMSF auditor number misuse.

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