News

Compliance, Documentation

Disqualification declaration may be annual

smsf trustees disqualified

A number of corporate SMSF trustees will have to declare each year they are still able to run their fund after insolvency law changes late last year.

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NALI/NALE

Employee share schemes may not attract NALI

employee share NALI

Having an SMSF participate in an employee share scheme may not automatically trigger the NALI provisions should an acquisition discount be involved.

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Business News

SMSFA conference tackles red tape

SMSF Association conference

A new concurrent session has been added to the program for the 2022 SMSF Association National Conference to address the issue of industry red tape.

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Documentation

Multiple attorneys can cause conflict

powers attorney SMSF

An SMSF expert has warned trustees to consider the implications of appointing numerous children as joint powers of attorney.

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Investments

Employee share model details important

employee share SMSF

Not all offers of shares from an employer can be passed through to an SMSF, with details of the transaction often hidden behind the name.

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Investments, Technology

OpenInvest partners with Simon Wu venture

OpenInvest Simon Wu

SWU Group and OpenInvest have partnered to release a digital investment platform to clients of the Simon Wu led advice firm.

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Cryptocurrency

Bitcoin fund receives key rating

monochrome bitcoin

A Bitcoin fund has been awarded a crucial rating from a research house that will allow the product provider to improve its advisory relationship.

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Documentation

Corporate attorneys unfit for SMSFs

SMSFs corporate attorney

SMSFs with a corporate trustee looking to use a corporate power of attorney may find its application limited by superannuation laws.

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ATO, NALI/NALE

NALE enforcement not ironclad

NALE enforcement

The ATO’s stated position with regard to enforcement of the NALE rules for the 2022 income year in PCG 2020/5 is not ironclad.

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Financial Planning

Reduce but improve adviser regulations

financial advice regulations

Less regulation that is better crafted and administered is needed to reduce the cost and complexity of financial advice, according to the FPA.

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