News

ATO, Superannuation

Temporary ESA solution complex

ESA SuperStream

The ATO has outlined a complicated solution to allow SMSFs with an ESA that is not rollover ready to receive a transfer of benefits.

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Superannuation

Corporate trustee now winning the day

corporate trustee SMSF

Having a corporate trustee is now the preferred operational structure for SMSFs at establishment and during the fund’s lifespan.

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Financial Planning, Regulation

Govt seeks Better Advice Bill industry input

Better Advice Bill

The draft Better Advice Bill has been opened to consultation from the financial services sector with regard to future adviser education requirements.

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FASEA, Financial Planning

RPL useful for adviser retention

RPL advisers

Greater recognition of prior learning should be used to retain advisers rather than forcing them to choose between quitting or extensive study.

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Financial Planning

COVID-19 drives practice change

COVID-19 SMSF advisers

Financial planners have significantly changed the methods by which they service their SMSF clients since the outbreak of the COVID-19 pandemic.

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ATO, Contributions

SuperStream may affect year-end strategy

SuperStream contribution strategy

The SuperStream system could have a significant effect on the common contribution reserve strategy should it be applied more broadly to SMSFs.

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Pensions

Rural property prices offer PLS windfall

Rural property pension loans

Rising real estate prices have made the Pension Loans Scheme more attractive for retirees who own rural properties and require a cash injection.

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ATO

ATO discretion a compensation fix

compensation ATO

Financial services firms are making compensation payments to SMSFs even where no dispute exists and funds should inform the ATO to ensure no cap breaches occur.

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Regulation, Retirement

SMSFs get retirement income covenant bypass

retirement income covenant

SMSFs will not be bound by the proposed legislation requiring superannuation fund trustees to formulate a retirement income strategy for members.

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Retirement

COVID-19 impacts retirement plans

retirement COVID-19

Investor research has shown Australians have changed their attitudes towards retirement as a result of the coronavirus pandemic.

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