News

Death benefits, financial advice, SMSF

Ambiguous BDBNs need legal specialists

Binding Death Benefit Nomination, BDBN, Cooper Grace Ward Lawyers, Hayley Mitchell, SMSF Association National Conference 2025,

Advisers must self-evaluate their capability to negotiate problems with BDBNs they create and if unsure delegate that work to legal specialists.

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Education, SMSF, Superannuation, TPB

Tax advice deadline shouldn’t be ignored

Financial Advice Association Australia, FAAA, Tax Practitioners Board, TPB, FAAA Roadshow 2025, Phil Anderson,

Financial advisers should acknowledge the year end deadline for education requirements runs concurrently with one governing tax advice.

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Business News, financial advice

IFPA strikes alliance with AIOFP

Two bodies representing advice practitioners have announced an alliance with plans to share ongoing education and lobbying efforts.

Two bodies representing advice practitioners have announced an alliance with plans to share ongoing education and lobbying efforts.

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ATO, Business News, Death benefits, SMSF, Superannuation

Death pension doubt from TR 2013/5

Tax Ruling 2013/5, TR 2013/5, superannuation, income stream, death benefit pensions, minimum payment, Colonial First State, Craig Day, SMSF Association National Conference 2025, ATO

The update to TR 2013/5 has created uncertainty as to the treatment of a death benefit pension if the required minimum payment has not been met.

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BDBNs

Reinforce duties in BDBN disputes

BDBN, binding death benefit nomination, Cooper Grace Ward Lawyers, Hayley Mitchell, SMSF Association National Conference 2025, disputes, trustee obligations, SMSF, self-managed superannuation

Trustees involved in disputes over BDBNs can forget their role is not to join the fight, but to ensure the nomination is carried out correctly, and advisers should guide them through this process.

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Investments, Superannuation

Early bond exit undoes benefit

beneficiary, investment bonds, withdrawals, BT, Tim Howard, estate planning, 125 per cent rule

Investment bonds can be a useful tool to direct assets to beneficiaries, but accessing them early will heavily reduce any tax advantages they offer.

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Retirement

Cost of living rises marginally

cost of living, retirees, Association of Superannuation Funds of Australia, Retirement Standard, comfortable retirement, superannuation returns, Mary Delahunty

Retirees experienced a very small increase in the cost of living in the December quarter 2024, with the price of goods and services falling and superannuation returns pushing past 10 per cent.

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Compliance, financial advice, SMSF

Unlawful acts an industry-wide issue

Instances of illegal acts involving SMSFs must be treated as issues for the financial services industry as a whole to address and not sector-specific problems.

Instances of illegal acts involving SMSFs must be treated as issues for the financial services industry as a whole to address and not sector-specific problems.

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Auditing, Legislation, SMSF, Superannuation

Cold-caller operations a concern

SMSF Association, Peter Burgess, 2019 Hayne Royal Commission, Code of Ethics, SMSFs,

The SMSF Association is concerned about the rise in the number of cold-calling operations encouraging people to set up a fund, noting they breach consumer protection laws.

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ATO, Auditing, SMSF, Superannuation

Share registry valuations questionable

SMSF members should not rely on old valuations sourced from a share registry when valuing stocks that will form part of an in-specie contribution.

SMSF members should not rely on old valuations sourced from a share registry when valuing stocks that will form part of an in-specie contribution.

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