News

Regulation

Budget super measures pass parliament

superannuation parliament

A number of key measures from the last budget have passed through parliament, while others remain in limbo before the next election.

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Regulation, Retirement

Retirement Income Covenant becomes law

retirement income covenant

Superannuation funds will be required to provide strategies to members on how they can use their funds in retirement as the long-awaited covenant becomes law.

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Financial Planning

Low adviser entrant numbers need review

low entrant advice review

The low number of new entrants into the financial advice sector and the barriers to entry need to be considered as part of the government’s Quality of Advice Review.

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ATO, Technology

ESA upgrade not mandatory

ESA update

SMSFs can keep using their electronic service address without being forced to update it as long as rollovers are not required.

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Retirement

Inflation increases retirement living standard

inflation retirees living standard

The cost of living for retirees increased by the highest rate for a decade during 2021 due to price rises on non-discretionary purchases.

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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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