News

Documentation, Technology

New online fact find launched

online fact find

The hurdles of COVID-19 have driven a financial planner to create a new online fact find tool that meets new legal obligations for storing client records.

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Retirement, Superannuation

AIR applauds minimum pension decision

retirees minimum pension

The government’s decision to extend the period of the minimum pension reduction has been endorsed by the Association of Independent Retirees.

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ATO, Technology

Super Fund Lookup error surfaces

super fund lookup error

A malfunction of the ATO’s Super Fund Lookup register has resulted in some SMSFs erroneously losing their complying status on the system.

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Pensions

Borrowings interim pension cash shortfall fix

Borrow pension cash shortfall

SMSFs low on cash can borrow to make minimum pension payments, but should be looking at why there was a shortfall in the first place.

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LRBA

No TBAR obligations from LRBAs

TBAR LRBA transactions

Transactions arising from limited recourse borrowing arrangements are unlikely to trigger a transfer balance account reporting event.

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Investments

Research house launches index fund ratings

Zenith index fund ratings

Zenith Investment Partners has launched new rating framework for index funds after it found increased demand for a quality rating solution in the industry.

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Compliance, Superannuation

New trustee duty muddies compliance

Best financial interest SMSF

The trustees duty amendment to the Your Future, Your Super will make SMSF compliance more difficult with investments in certain conventional asset classes.

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ATO, Contributions, Strategy

Reserving process key to avoiding ATO scrutiny

contribution reserving strategies

Contribution reserving strategies have been given the green light by the ATO, but correct processes remain central to avoiding compliance action.

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ETFs, LICs

Monash converts Australian equities LIC

Monash LIC ETMF

Monash Investors has restructured its Australian equities listed investment company into an exchange-traded managed fund.

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Cryptocurrency

Cryptocurrency still an investment only

cryptocurrency superannuation

Cryptocurrency is still classified only as an investment, and not a currency, for superannuation purposes limiting it use within those funds.

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