News

Strategy

Recontribution the best strategy

recontribution strategy

The withdrawal and recontribution strategy has been described as the most significant opportunity for individuals in the superannuation system.

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Superannuation

TBC simplification possible in budget

TBC simplification budget

The confusion around the indexation of the TBC may lead to a more simplified model in this year’s budget, but the government has given nothing away so far.

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Superannuation

Extra super contributions not common

extra super contributions

Only one in five Australians make regular extra contributions into their super, with as many never having done so, according to new consumer research.

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ATO, Auditing

Independence certainty impossible

auditor independence guarantee

The ATO has said it cannot guarantee any arrangements implemented by accounting firms will be compliant with the amended auditor independence standards.

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ATO, Property, Strategy

Downsizer contribution conditions clarified

downsizer contribution funds

Downsizer contributions will not be restricted only to funds secured from a property sale, with the ATO confirming its focus is on the amount and eligibility of the contribution.

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Education, Financial Planning

FASEA’s focus did not reduce advice costs

FASEA financial advice cost

The government has admitted FASEA’s single-minded focus on education did little to reduce the cost and accessibility of financial advice.

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NALI/NALE, Tax

Retrospective NALE problematic

Retrospective NALE rules

The NALE rules take effect from 1 July 2018, but can apply to transactions and arrangements occurring before this date.

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NALI/NALE, Tax

Auditors still have NALE reporting duties

SMSF auditors NALE report

SMSF auditors are still required to report NALE matters in their independent reports despite the ATO not taking any action on most issues until 2022/23.

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Financial Planning

Pandemic makes advice more attractive

pandemic financial advice

Consumers who have faced financial pressure in the past year are viewing the purpose and value of advice more favourably, with more planning to seek it.

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Strategy

Performance will determine spousal splitting method

SMSF performance spousal splitting

Fund performance plays a significant role in determining how splitting orders will be executed when spousal members of an SMSF separate.

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