News

Superannuation

Bank statement can’t provide strategy order

SMSF bank statement

Transaction narratives appearing on an SMSF bank statement have no relevance in determining which member account a withdrawal is applied against.

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ATO

ATO extends COVID-19 relief measures

ATO COVID-19 relief

The ATO has extended the COVID-19 compliance relief measures, confirming they will apply to SMSFs for the 2022 financial year as well.

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ATO

ATO can monitor work test

ATO work test

The ATO has the ability to determine if people over the age of 66 who have made personal super contributions have satisfied the required work test.

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Regulation, Superannuation

Choice rules can bypass stapled fund delays

choice stapled fund

SMSF members can use choice of fund rules to bypass delays that might prevent their fund being nominated under stapled fund rules starting in November.

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Investments, Technology

Social media stock strategies may breach law

social media stock

ASIC has warned market manipulation tactics on social media platforms to coordinate ‘pump and dump’ activity in listed stocks can be considered illegal trading activity.

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ATO

All valuation factors hard to assess

asset valuation

A fair and reasonable asset valuation, as required by the ATO, may be difficult to prove to the extent required in new guidance.

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Financial Planning

Communicating value of advice now critical

financial advice value

The experience in overseas markets like the UK shows communicating the value of advice will be key to the pursuit of success for practitioners.

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Retirement

Retirement covenant an advice opportunity

retirement covenant advice

The Retirement Income Covenant will create further opportunities for financial advisers who can map out the income needs of clients beyond the accumulation phase and well into their retirement years.

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ATO

Annual return enforcement upped

SMSF annual return enforcement

SMSF trustees who are failing to meet their legal obligation of lodging their fund’s annual return are to face new ATO enforcement procedures.

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Financial Planning, Regulation

Government committed to red tape reduction

financial advice red tape

Reducing the amount of red tape hampering the provision of cost-effective financial advice will be a major focus of the quality of advice review.

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