News

Financial Planning

Inertia should not drive SMSF decisions

inertia smsf advice

Advisers need to ignore their own biases and inertia and that of clients when providing SMSF advice to ensure the latter are getting the best outcomes from their funds.

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Pensions

Drastic ECPI rule change wanted

ECPI rules change

A large portion of practitioners have been found to favour a complete reworking of the exempt current pension income (ECPI) calculation rules.

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Regulation, Superannuation

Indexation will not move all caps

indexation changes caps

Indexation changes from 1 July will not move all caps upwards, with some remaining fixed as a result of legislation binding them to current levels.

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ATO

ATO warns against illegal SMSF scheme

illegal SMSF scheme

A new scheme targeting SMSF trustees could expose them to civil and criminal actions and put their retirement savings at risk, the ATO says.

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ASIC, Compliance

SMSF accountant ordered to comply with EU

smsf accountant enforceable undertaking

A Queensland accountant has been ordered by the Federal Court to comply with an ASIC enforceable undertaking and tell clients she is unable to provide SMSF advice.

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Superannuation

Super for housing will worsen affordability

superannuation housing affordability

Using super for housing will make home ownership more expensive and runs counter to the objective of building retirement savings.

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Pensions

One ECPI rule still confuses

ECPI small fund assets

Practical evidence suggests the disregarded small fund assets component of the exempt current pension income rules is continuing to cause confusion.

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Documentation, Estate Planning

BDBNs not flexible death benefit solution

BDBNs flexible death benefits

SMSF members with strong family relationships may wish to avoid using a BDBN to gain more flexibility in how death benefits will be paid.

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Documentation, Tax

Tax agent banned over false audit declarations

tax agent false declarations

The registration of a Perth-based tax agent has been terminated after he was found to have falsely declared an SMSFs were audited in more than 100 annual returns.

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AFCA, Compliance

COVID impact seen in complaint figures

COVID AFCA complaints

The sudden impact of COVID-19 in early 2020 has been reflected in complaints figures released by AFCA.

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