News

BDBNs

No requirement to approve BDBN

BDBN approval

The Hill v Zuda case has confirmed SMSF members are not required to get trustee approval to make or change their BDBN.

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Regulation

Government urged to enact NALI changes

tax institute superannuation

The Tax Institute has pointed out to the government key superannuation areas needing attention, including amendments promised prior to the federal election.

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ATO

ATO updates SuperStream guidance

ATO SuperStream

Information pertaining to when the SuperStream system must be used to process superannuation rollovers has been updated by the ATO.

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Retirement

Retirement projection tool upgraded

mSmart retirement tool

mSmart has updated its retirement modelling tool to factor in the impacts of downsizing, reverse mortgages and broken work patterns.

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Contributions

Downsizer change may lack impact

downsizer contribution change

The reduction in the eligibility age for downsizer contributions may not see the provisions being adopted by more individuals of a younger age.

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Death benefits

Trust deed has final say on BDBN timeframes

SMSF BDBN deed

The Hill v Zuda case means SMSFs can make a BDBN last indefinitely, but only where a trust deed does not constrain it in any way.

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Accounting, Financial Planning

Accountants well qualified to give advice

accountants SMSF advice

Qualified accountants should be able to provide limited SMSF advice having already met the standards needed to do so.

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Property, Retirement

Reverse mortgage milestone passed

Pension Boost reverse mortgage

A specialist firm that helps pensioners access reverse mortgages has passed a milestone in approvals from a scheme run by the government.

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Financial Planning, Regulation

Advice delivers trustee opportunities

specialist financial advice SMSF

Specialist financial advice is providing trustees with better regulatory knowledge that can lead to a material benefit for their SMSF.

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Auditing

Workaround possible for limited valuation data

SMSF property valuation

SMSF trustees who cannot find comparable sales data for use in a property valuation can rely on other forms of information if they have sufficient evidence.

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