News

Financial Planning, Property

COVID issues key adviser concerns

advisers COVID relief

COVID relief measures for SMSFs and the use of property have been key areas of concern for advisers in the past quarter.

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Business News

Hub24 to acquire Class

HUB24 acquire Class

Hub24 will acquire all ordinary shares in Class in a multi-million-dollar share swap deal.

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Documentation

Scanned documents not acceptable

scanned SMSF documents

Superannuation law and other pieces of legislation do not allow the use of scanned copies of documents as an official record for a fund.

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Estate Planning, Retirement

Be wary about claims around incapacity

SMSF trustee incapacity

Any claims about the incapacity of an SMSF trustee must come with fully documented evidence and should not rely only of the word of an attorney.

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Superannuation

Six-member funds trustee training ground

six-member funds

Six-member funds will be a useful tool to prepare adult children taking over a fund from a parent who has lost capacity.

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Financial Planning

ASIC further extends COVID SOA measures

ASIC advice relief

ASIC has extended relief measures which allow the use of records of advice for COVID-19 financial hardship-related advice until April 2022.

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ATO

ATO provides PAYG instalment relief

ATO PAYG instalments

The ATO will not apply penalties or interest on varied PAYG instalments for COVID affected SMSFs provided they can prove they took reasonable care to estimate their end-of-year tax.

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Financial Planning

FPA welcomes FSC advice recommendations

FPA FSC advice

The FPA has welcomed recommendations from the FSC to reduce the cost and complexity of advice, noting they are consistent with its own reform plans.

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ETFs

ETF Securities provides access to fintech sector

ETF fintech blockchain

Investors will now have the opportunity to include companies in the fintech and blockchain sectors in their portfolios via a new ETF offering.

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Documentation

Email issues complicate e-approvals

trustees digital signatures

SMSF trustees may be limited in their use of any measures allowing the use of digital signatures to approve fund documents due to their email set-ups.

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