News

ASIC, Financial Planning

Advice sector carrying compliance cost burden

financial advice costs

The financial advice sector is carrying a significant proportion of industry compliance costs when compared with its size and the level of complaints directed against it.

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Pensions

Minimum drawdown most important for death benefit pensions

death benefit pensions

It is most important for trustees to ensure the minimum drawdown amount is met for any death benefit pensions operating within an SMSF.

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ECPI, Tax

Complex disregarded asset rules need review 

disregarded asset rules

The rules relating to disregarded small fund assets in an SMSF should be reviewed to either reduce their complexity or phase them out entirely.

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ATO, NALI/NALE

NALE requires perfection in fund expenses

NALE fund expenses

The ATO’s stance on NALE inside a super fund is too broad and will require perfection in many transactions.

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FASEA

Examinees need wider client behaviour view

FASEA behavioural finance

FASEA exam candidates who have struggled with questions on behavioural finance are typically viewing it too narrowly.

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ATO, NALI/NALE

ATO retains NALE income nexus

ATO NALE nexus

The ATO has released its final ruling on the treatment of NALE and will continue to view the expenses as having a nexus to all of a super fund’s income.

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Auditing

APES 110 has impacted slow audits

APES SMSF audits

The amended auditor independence standards contained in APES 110 have already impacted some SMSF audits that were unable to be completed before 1 July 2021.

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Residential Property

Working from home not business real property

SMSF business real property

Using personal real estate property to conduct a business during COVID-19 lockdowns will not transform it into business real property for SMSF purposes.

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Compliance, Regulation

Advisers have best financial interest duty role

SMSF best financial interest

The need for SMSF trustees to comply with best financial interest duties can be boosted by advisers and accountants providing greater details of their service offerings.

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Superannuation

Rare benefit release gains relevance

super condition release

A relatively obscure unrestricted superannuation condition of release for SMSFs may now become more relevant as a result of recent legislative changes.

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