News

Documentation, Tax

Stick with expense apportioning methods

SMSFs apportion

SMSFs tempted to switch methods of how they apportion fund expenses may find the tactic raises the interest of the ATO.

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Appointments

FSC appoints new CEO

FSC Blake Briggs

After concluding an executive search process, the Financial Services Council has appointed Blake Briggs as its new chief executive.

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ETFs

ETF answers sustainable call

ETF Janus Henderson

Janus Henderson Investors has launched an ETF that prioritises natural resources and companies working towards a low-carbon target.

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Superannuation

Budget fixes disclosure oversight

SMSFs fund information

The budget has corrected an administrative oversight removing a requirement for SMSFs to report fund information only relevant for retail and industry superannuation funds.

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Superannuation

Minimal budget changes endorsed

superannuation federal budget

The fact superannuation changes announced in this year’s federal budget have been minor has been welcomed by the main financial services bodies.

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Pensions

Volatility drives pension reduction

minimum pension reduction

The 50 per cent reduction in the minimum pension drawdown will remain in place until mid-2023 due to market volatility.

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NALI/NALE

Share schemes expansion needs NALE clarity

NALE share schemes

An expansion of access to employee share schemes puts more weight behind the need for clarity in the operation of non-arm’s-length expenditure rules.

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Property

FHSSS slightly more attractive

super saver scheme

The First Home Super Saver Scheme may have more appeal for some given the reduction in minimum deposits on home purchases included in the budget.

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ATO, Contributions

ATO contributions discretion unlikely

excess contributions discretion

The ATO is unlikely to exercise discretion when super fund members make excess contributions, adopting the same stance taken in regards to early access.

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Documentation

Digital protocols a step closer

SMSF digital documents

A bill recently tabled in parliament has brought trustees closer to the ability to approve SMSF documents without a physical signature.

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