News

Appointments

AFA names new board leadership

AFA board

The AFA board has appointed a new president, vice-president and treasurer after long-serving members announced they are stepping down.

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ATO

SuperStream errors identified

ATO SuperStream errors

The ATO has said the lack of relevant information in a number of key areas is the prime reason why SuperStream rollovers are being delayed.

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Estate Planning

Estate planning rules not universal

estate planning SMSF

SMSF trustees should not adopt rules for superannuation estate planning without checking whether they actually apply to their fund.

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Regulation, Superannuation

Budget measures bill enters parliament

budget work test downsizer

Legislation to put in place a range of superannuation and pension changes announced in this year’s budget has been introduced into parliament.

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Accounting, Business News

Class, Cloudoffis team up for year-end service

Class Cloudoffis

Class and Cloudoffis have formed a partnership to provide SMSF practitioners with a new workpaper solution for their end-of-year processes.

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Portfolio Construction

JP Morgan joins OpenInvest platform

JP Morgan OpenInvest

SMSF members can now access model portfolios constructed by JP Morgan Asset Management via the OpenInvest digital marketplace.

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Financial Planning

Adviser numbers drop below 19,000

financial adviser numbers

Adviser numbers have continued to fall in the latter half of this year, despite lengthy lockdowns in Sydney and Melbourne.

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NALI/NALE, Superannuation

Education can negate NALE

NALE SMSF education

Educating clients about the best compliance practices is likely to be the most effective way of preventing SMSF trustees from breaking the NALE rules.

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Retirement, Superannuation

Don’t overlook low-balance TBCs

low transfer balance cap

Low personal transfer balance caps should not be overlooked given the number of measures that allow SMSF members to increase balances well into retirement.

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Succession Planning

Create early access for EPOA

EPOA SMSF

Introducing an enduring power of attorney into an SMSF early could minimise complications after the trustee loses mental capacity.

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