News

Accounting

Discounts must be compensated

accounting fees

Accounting firms must request adequate compensation for any discount to their service fees requested by a client.

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LRBA

LRBAs hold their ground

LRBAs SMSF portfolios

Limited recourse borrowing arrangements have held their ground within the portfolios of SMSFs, but are still less than 1 per cent of all residential property assets.

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Strategy

Death benefit strategy for non-dependants

Death benefit non-dependants

SMSF members can use their fund to pass on benefits to a non-dependant before their death using a legitimate contribution strategy contained within super regulations.

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Retirement

Cost of living on the rise for retirees

Cost of living retirees

Price increases returning to normal after the easing of COVID-19 restrictions has resulted in a rise in the cost of living for retirees in recent months.

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Financial Planning

Client role key for advice

Client capacity SMSF advice

Practitioners need to understand whether they are advising the SMSF trustee or SMSF member to be most effective.

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ATO

Exceeding TBC requires prompt action

exceeding tbc

Advisers must act quickly to clear up any issues for SMSF clients who are found to have exceeded their TBC under the new indexation rules that will soon apply.

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Pensions

ECPI election likely to be end of year

ECPI elections

The SMSF Association has predicted the government will allow ECPI elections to take place at the end of an income year as it will make little difference to its received revenue.

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Pensions

Give pension certainty to lift drawdown rate

pension draw down

Assurances from the government that the age pension and other benefits will be retained will drive more people to draw down on their accumulated retirement savings.

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Financial Planning

Doubt over who owns client relationship

owns client relationship

New legislation has cast doubt over whether an adviser or a service provider owns an existing client relationship.

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Superannuation

First-job SMSF validation needed

Value proposition SMSFs

SMSFs need to improve their appeal to first-time workers to be considered a viable super fund for life option.

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