News

Superannuation

Call for superannuation certainty

superannuation election

A call has been made for whichever party forms the next government of the country to ensure the ongoing certainty of the retirement savings system.

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Estate Planning

BDBNs can pose adviser risk

BDBN SMSF legal

The practice of using a BDBN to direct the death benefits of an SMSF member straight to that person’s estate could soon attract legal action.

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Auditing, Investments

Beware the 13.22C trust crackdown

13.22c breaches

Auditors are increasing their focus on SMSFs with holdings in SIS Regulation 13.22C unit trusts and any operational breaches that may have occurred.

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Contributions, Regulation

Downsizer change addresses two issues

downsizer contribution issues

Two existing issue within the current superannuation framework have been addressed by the amendment to the downsizer contribution rules.

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Superannuation

Death benefit conundrum clarified

member benefits SMSF

Uncertainty over whether certain superannuation payments are to be treated as member benefits or death benefits has been cleared up.

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Pensions

Act now on enacted legacy pension changes

legacy pension budget

Legacy pension holders should not wait for proposed budget measures that may not eventuate, but take advantage of recent changes to exit those products.

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Financial Planning

Individual registration a favoured structure

advice individual registration

A financial advice framework incorporating individual registration rather than individual licensing is a favoured option among industry bodies.

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Cryptocurrency

Apply first principles to crypto assets

cryptocurrency assets tax

First principles should be applied to cryptocurrency assets to ensure they are recognised and receive the proper tax treatment.

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ATO

ATO protects over $270m of super

ATO superannuation

ATO figures show the regulator’s risk assessment action over the past couple of years has protected over $270 million of retirement savings.

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Pensions

Death benefit pension minimums need priority

death benefit pensions minimum

Minimum payments associated with death benefit pensions need to take priority over those for other pensions to ensure the retention of tax benefits.

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