News

LRBA

LRBA loophole should be left alone

intermediary LRBA loophole

A loophole that leaves intermediary LRBA loans outside of the total super balance add-back provisions has been exposed, but should not be exploited, according to an SMSF legal expert.

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Property

Property shifts into funds need scrutiny

SMSF property sole purpose

SMSF trustees looking to move property into their fund should be questioned as to what their plans and motives are to avoid breaches of the sole purpose test.

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Superannuation

Cross bench key to larger SMSFs

six-member SMSFs

Any chance the government has of allowing the creation of six-member SMSFs rests with the minor parties in the Senate.

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ATO, LRBA

Privately funded LRBAs assured of tax relief

Privately funded LRBAs

The SMSFA has welcomed an ATO statement that LRBAs using private borrowings will not have an adverse tax outcome under COVID-19 relief measures.

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Estate Planning, Financial Planning, Succession Planning

Intergenerational relationships needed

intergenerational advice relationships

Intergenerational client relationships, instead of a focus on mature age clients, is critical for the future success of advisory practices.

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Compliance, Regulation

AFCA review boundaries defined

AFCA review

The terms of reference for the review of the Australian Financial Complaints Authority have been defined with a focus on the effectiveness of the dispute resolution body.

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ATO

ATO praises SMSF sector

ATO praises SMSF sector

The tax commissioner has praised the efforts of the SMSF Association and its members in implementing COVID-19 relief measures and ensuring trustees maintained their obligations in 2020.

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Financial Planning, Regulation

Regulation shakes confidence in scaled advice

Regulation scaled advice

The main barrier to advisers wanting to provide limited advice is a crisis of confidence brought on by the regulatory system, an industry expert says.

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Financial Planning

ASIC notes unease on affordable advice

ASIC affordable advice

The financial advice sector views affordable advice regulations as too complex and against the needs of clients, according to feedback received by ASIC.

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FASEA, Financial Planning

Best interest comes from self-aware advisers

best interest advisers

The best interest duty around SMSF advice can be met by practitioners questioning their own advice and reviewing the reasons for it each year.

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