News

Superannuation

SMSF members most satisfied

SMSFs customer satisfaction

SMSFs were the highest-ranking fund type in relation to member satisfaction in 2021, despite COVID-19 challenges, according to a new report.

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Strategy, Superannuation

Rapid reserves drawdown possible

SMSF reserves drawdown

The speedy drawdown of reserves in an SMSF is possible by introducing new members with large balances or breaching cap rules.

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Appointments

Chief executive departs Class

Class chief executive

Class chief executive Andrew Russell has announced his departure as the firm’s acquisition by Hub24 approaches its conclusion.

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Estate Planning

Address death benefits at fund set up

death benefits establishment

The best time to address the payment of death benefits for SMSF members is at the time of the fund’s creation.

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Auditing

ATO issues SAN misuse reminder

SAN misuse reminder

Practitioners have been reminded to submit their responses to the SMSF auditor number misuse mail-out performed by the ATO last September.

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Superannuation

ASFA proposes super bonus for new parents

ASFA super baby bonus

New parents who take time out of the workforce should be given a $5000 superannuation top-up to prevent their retirement savings falling short.

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ETFs, Fixed Income

Addition to BetaShares fixed income suite

ETF fixed income

BetaShares has launched a fixed income ETF that uses an underlying index aimed at avoiding the flaws of traditional debt-weighted indices.

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Estate Planning, Superannuation

Fund membership not tied to lifespan

SMSF membership death

SMSF members should ensure fund membership endures after death if planning on using a third party to manage death benefit payments.

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Pensions

Pension tax rules extension possible in death

pension death benefit

Concessional pension tax rules can apply to death benefit payments even if they are made out of an SMSF’s accumulation account.

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Education

FPA rejects proposed experience pathway

FPA experience pathway

The FPA has rejected the proposed establishment of an experience pathway, but has called for the limited use of such a model if it is adopted.

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