News

Superannuation

DIN reluctance could lead to fund exit

corporate trustee director identification

Directors of an SMSF corporate trustee who do not obtain a director identification number may be kicked out of their fund and face ASIC action.

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Documentation

E-signatures not applicable for all documents

electronic signatures SMSF documents

Despite government moves to allow the use of electronic signatures, their application in the SMSF space will still be fairly limited.

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ATO, Superannuation

SuperStream advice needs full licence

superstream advice

The ATO’s SuperStream rollover service will require any related advice to be provided by a licensed practitioner due to requirements to be aware of the types of products involved.

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ECPI, Superannuation

Actuarial certificate change savings limited

actuarial certificate

The cost savings for SMSFs no longer having to use an actuarial certificate to calculate fund income are likely to be small, not open to all funds and offset by other costs.

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Cryptocurrency

Digital asset education service launched

digital asset education

A fund manager has launched a research facility to provide much-needed information about digital assets such as Bitcoin.

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Regulation

Compo scheme legislation introduced

compensation scheme legislation

Legislation to establish a compensation scheme of last resort has been introduced into parliament in line with a recommendation from the Hayne royal commission.

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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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