News

Contributions, Superannuation

NCC bring-forward date confirmed

NCC bring-forward

The official date from when people aged 65 and 66 can use the non-concessional contributions bring-forward rule has been confirmed by Treasury.

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Auditing

Limits to sources of audit fees defined

Independence audit fees

The level of SMSF audit fees from a single source that will be considered a threat to independence has been spelt out by the APESB.

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Education, FASEA

Serial flunkers given one last chance

FASEA exam pass

Advisers who have failed to pass the FASEA exam on two occasions will be given one last opportunity to do so next year under a new exemption.

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Retirement

Pressured pre-retirees given new guidance

retirement financial guide

A former financial adviser has launched a guide for pre-retirees facing financial pressure supporting three generations of family.

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Contributions

Excess charge move not industry call

Excess concessional charges

A change to legislation that will remove charges for excess concessional contributions may result in misuse and was not called for by the SMSF sector.

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Strategy, Superannuation

Trustees to determine access to benefits

trustees benefit payments

An SMSF technical expert has advised trustees to be more involved in benefit payment strategies and not just rely on advisers to determine the required actions.

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Investments, Retirement

Retiree return goals mean greater risk

retirement return goals

Individuals on the cusp of retirement may need to take on significantly higher risk levels if they are to meet the return goals they set for the years they are no longer gainfully employed.

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Investments

Collectables require expert advice

SMSF collectable

SMSFs holding collectable assets should rely on third-party expert opinions as to their value and place in the fund strategy instead of those of the trustees.

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Contributions

Contribution transfers should be active now

Contribution transfers

SMSFs using a clearing house to make end-of-year contributions should have taken action already to ensure the funds are processed by 30 June.

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Property

Multi-asset bare trusts risk asset liquidation

Multiple asset bare trusts

SMSFs run the risk of having a fully paid property liquidated if a bare trust servicing multiple assets under a limited recourse borrowing arrangement is being used.

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