News

Documentation, Pensions

Guardian an alternative to BDBN or pension

SMSF death benefit guardian

SMSF trustees are not restricted to binding nominations or reversionary pensions when planning to direct a death benefit and can name a guardian to oversee that process.

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ASIC

ASIC launches six cases against Westpac

ASIC Westpac penalty

ASIC has launched six civil penalty proceedings against Westpac following an investigation that allegedly found clients were wrongly charged, even while deceased.

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ATO

SuperStream timing issues evident

SuperStream time frame

Practitioners are seeing very few rollovers from public offer funds to SMSFs occur within the required time frame under the SuperStream system.

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Insurance, Investments

Insurance key part of investment strategy

SMSF insurance strategy

SMSF trustees must remember the provision of insurance via their fund is covered by the investment strategy and must carry appropriate reasoning.

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FASEA

FASEA has right words, wrong form for conflicts

FASEA conflicts

FASEA has the found the right words to address conflicts of interest in its Code of Ethics but has mangled their delivery, claims one industry body.

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Accounting, Estate Planning, Financial Planning

Wealth transfer body to formally launch

SAPEPAA launch

The Succession, Asset Protection and Estate Planning Advisers Association (SAPEPAA) will formally launch this week about a year after its formation was first flagged.

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ASIC

La Trobe ordered to pay ASIC penalty

La Trobe ASIC penalty

The Federal Court has ordered La Trobe Asset Management to pay a significant penalty for false or misleading advertising regarding a credit fund.

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NALI/NALE

NALE detection could be difficult

NALE identification

Detecting non-arm’s-length expenditure situations may not be straightforward, regardless of examples provided in Law Companion Guide 2021/2.

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ASIC, Business News

Move made to freeze Dixon penalty payment

Dixon Advisory penalty

A class action law firm has attempted to stop Dixon Advisory and Superannuation Services from paying a $7.2 million penalty to the government.

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Documentation

EPOAs not automatic solution

EPOA SMSF trustee incapacity

An enduring power of attorney is the best way to address the incapacity of an SMSF trustee, but they are powerless unless applied correctly.

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