News

ATO

ATO seeks input on extended rent relief

ATO relief trustees

The ATO has encouraged trustees and advisers to provide input on plans to extend COVID-19 rent relief measures where a fund has been providing rent relief to tenants.

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Accounting

AFCA gets tick of approval

AFCA review

AFCA has been found to be operating effectively and meeting its statutory obligations after its first mandatory government review.

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Regulation, Superannuation

Separation doesn’t mean SMSF exit

SMSF separation

Spousal separation by law does not have to result in the exit of one member from an existing SMSF, regardless of practical implications.

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Superannuation

State can act for trustee without capacity

SMSF trustee capacity

A member who has lost capacity within a corporate trustee SMSF may be able to have the state represent them.

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Estate Planning

Courts focus on BDBN form over substance

courts BDBN form

The wording of a BDBN, rather than its intention, will be what is tested in court in the event there is a dispute about the outcome of the nomination.

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Retirement

Advice focus shift required on retirement

advice retirement spending

The advice focus for pre-retirees and retirees needs to move towards spending guidance rather than some of the more traditional advisory themes.

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Investments

Private debt a cash replacement

private debt SMSF

Access to private debt markets may be a suitable replacement for cash investments for funds unable to access the direct property market.

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Documentation

BDBN substitutes need same result

BDBN alternatives

Alternatives to a binding death benefit nomination must achieve the same outcomes for members if they are based on a trust bound agreement between trustees and members.

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Superannuation

Don’t drain all funds post terminal diagnosis

SMSF terminal illness

SMSF trustees diagnosed with a terminal illness should not empty their member balance as retaining some funds is necessary to ensure insurance benefits can be paid.

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Technology

Next generation SuperMate to launch in 2022

SuperMate upgrade

SMSF accounting software platform SuperMate has undergone a complete upgrade and will be released into the market in February next year.

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