News

Pensions

Drawdown rate to remain halved for next year

pension drawdown rate

The minimum pension drawdown rate will remain at 2.5 per cent for another year as the government extends this COVID-19 relief measure for retirees.

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Financial Planning, Superannuation

Advice billing rethink required

SMSF advice billing

Practitioners may need to revise their billing for SMSF advice clients from 1 July due to the legislation resulting from findings by the banking royal commission.

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AFCA, Appointments

AFCA appoints new ombudsmen

AFCA appoints ombudsmen

The Australian Financial Complaints Authority (AFCA) will welcome two new lead ombudsmen in August for the insurance and small business sectors.

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ECPI

Actuaries may aid ECPI choice

actuaries ECPI method

Actuaries are looking to help determine whether to use segregated or proportionate method to calculate ECPI under the new legislation governing this area.

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Property

Property funding via contributions a grey area

property funding contributions

SMSFs using contributions strategies to fund a property development may still trip over tax rules that are yet to be clarified.

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ASIC, Financial Planning, Insurance

ASIC moves on AMP over deceased client fees

AMP fees deceased customers

ASIC has started legal action against five AMP companies in regards to claims they charged advice fees and insurance premiums to dead customers.

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Contributions, Pensions, Strategy, Superannuation, Tax

Year-end client considerations

financial year end

The end of financial year is arriving and planners need to ensure clients are prepared for SMSF financials and tax returns by 30 June.

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ECPI

ECPI red tape reduction endorsed

actuarial certificate

Removing the need to obtain an actuarial certificate for claiming exempt current pension income in some circumstances has been applauded.

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ASIC, Financial Planning

“Stupid” adviser gets six years’ jail

SMSF adviser jail

An investigation by ASIC has found a former Sydney financial adviser used his clients’ SMSF money to fund his holidays and other personal loans for almost three years.

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LRBA, Superannuation

Sector growth unimpeded by COVID-19

SMSF sector growth

The growth of the SMSF sector has continued into a third successive quarter after taking a small hit at the height of the coronavirus pandemic.

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