News

Investments

Ignore NFT novelty to focus on fundamentals

NFT superannuation

An increase in the supply and value of NFTs should not override superannuation regulations and trustees’ duties to adhere to their investment strategy.

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Pensions

Pensions fix creates excess trap exit

legacy pensions excess transfer balance

Changes to pension rules will allow SMSF members to convert legacy products with excess transfer balances to new products without creating concessional contributions.

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Technology

Technology expectation gap real

SMSF technology

SMSF administrators are expecting greater efficiency savings from the adoption of technology than they are currently experiencing.

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Pensions

Pro rata payments may cause breach

pro rata pension commutation

SMSFs could be in breach if the fund has used an asset transfer to commute a pension but overlooked required pro rata payments.

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Auditing

Audit fee threshold may rise

auditor fee independence threshold

The audit fee independence threshold could be increased and a new transition period introduced following feedback from the SMSF sector.

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Investments

Investment strategy apathy a sign to wind up

SMSF strategy capacity

SMSF trustees struggling with their investment strategy due to age may be best served with advice to wind up their fund.

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Regulation

Review history must be used

advice review history

An accounting body has asked for the learnings from previous industry assessments to be used in the Quality of Advice Review process.

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Financial Planning

Limited licence solution ready

Limited licensing solution

A solution to the limited licensing regime applying to the provision of financial advice has been constructed by a collective of industry bodies.

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Insurance

Document client’s insurance refusal

SMSF insurance

Instances of SMSF members opting not to discuss their insurance needs should be recorded in their file notes rather than being glossed over to prevent later disputes.

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Contributions

Multiple pensions a recontribution risk

pensions recontribution

SMSFs running multiple pension accounts could face tax complications in relation to their recontribution strategies, an expert has revealed.

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