News

Investments

Equity holdings to hit SMSF sector

SMSFs equity holdings

The high levels of equity holdings inside SMSFs will increase the decline in assets compared to other superannuation sectors, according to an industry research group.

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Education

SuperGuardian becomes approved educator

superguardian SMSFA approved educator

The SMSF Association has expanded its list of accredited education providers with the addition of fund administrator SuperGuardian.

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Financial Planning

FOFA-based class action afoot

FOFA class action

A class action has been brought against the financial planning arms of AMP, CBA and Westpac for Future of Financial Advice reform contraventions.

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Documentation

Trust deed history required

Trust deed history

A fully documented history of an SMSF’s trust deeds is required to establish the validity of any variations made to this element of the fund’s paperwork, a law partner has said.

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ASIC, FASEA, Financial Planning

Individual adviser oversight still unclear

advisers oversight

ASIC is still unsure whether it will have oversight over individual advisers from 2022, stating its authority only covered licensees under current legislation.

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Pensions

Intentions key to reversionary pensions

reversionary pensions

Advisers should carefully consider trustees’ intentions regarding beneficiaries before establishing reversionary pensions on their behalf, an SMSF expert has said.

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FASEA

FASEA adds diploma to approved list

FASEA approved diploma

The list of courses approved by FASEA continues to grow with the addition of a diploma and bridging courses offered by a major university.

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ASIC

Fact sheet was best data to hand

SMSf fact sheet

ASIC has defended its use of numbers that overinflated the cost of running an SMSF, claiming they were reputable and the best available at the time.

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ATO, Property

ATO seeks input on in-house asset exclusion

in-house asset exclusion

The ATO’s draft legislative instrument excluding SMSFs that provided COVID-19 rent deferrals from acquiring in-house assets is open for consultation.

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Documentation, Succession Planning

Multi-member funds face death dispute risk

multi-member SMSFs

Potential disputes regarding death benefit payment decisions could be averted if trustees choose to have funds with fewer members, a legal expert says.

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