News

financial advice, Financial Planning, Legislation, Regulation

Govt must start advice reform

The FAAA has called on the government to implement a number of key reforms to the advice sector following its return to office in the federal election over the weekend.

The FAAA has called on the government to implement a number of key reforms to the advice sector following its return to office in the federal election over the weekend.

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ATO

No ATO discretion for illegal drawdowns

Illegal early access, ATO, ASF Audits, Shelley Banton, tax, Practice Statement Law Administration, PSLA,

The ATO’s treatment of illegal SMSF withdrawals trustees have attempted to pay back has not changed, regardless of PSLA 2021/D3’s status.

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SMSF, Superannuation

Low-balance in-specie payment possible

Heffron, SMSF, Annie Dawson,

An individual in an SMSF can receive an in-specie benefit payment if their balance is less than the value of the asset, but will need the support of another member to do so.

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Contributions, Superannuation

Don’t rush into bring-forward contributions

Advisers should not rush to use bring-forward non-concessional contributions without first examining how a client can maximise other contributions in the current and future years.

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Business News, Investments, Platforms

Ausiex to acquire FIIG

Share trading platform Ausiex will purchase fixed-income provider FIIG by the middle of the year.

Share trading platform Ausiex will purchase fixed-income provider FIIG by the middle of the year as part of plans to expand it services and product offerings to advisers and investors.

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Retirement, SMSF, Superannuation

TRIS impact on TBC a common trap

TRIS, transfer balance cap, TBC, Accurium, Natalie Scott,

Practitioners must take note of situations where clients with a TRIS turn 65 before 30 June as the event will impact the member’s transfer balance cap.

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Contributions, Tax

Process key to catch-up contributions

MLC, Scott Quinn, tax, 

Individuals using carried forward unused portions of their concessional contributions cap must observe proper procedure or face an adverse outcome.

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Regulation, Superannuation

Smaller funds bear larger regulatory burden

Reform of the regulatory cost levies charged to APRA-regulated super fund members is needed as those in medium and smaller retirement savings vehicles pay more than those in large ones each year.

Reform of the regulatory cost levies charged to APRA-regulated super fund members is needed as those in medium and smaller retirement savings vehicles pay more than those in large ones each year.

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ETFs, Investments

Global X releases AI Infrastructure ETF

The first ETF focused on the infrastructure behind the artificial intelligence boom has been released to the Australian market by Global X.

The first ETF focused on the infrastructure behind the artificial intelligence boom has been released to the Australian market by Global X.

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financial advice, Investments, SMSF, Superannuation

Div 296 tax will impact economy

Division 296 tax, Prime Minister, Anthony Albanese, Wilson Asset Management, WAM, investment, Geoff Wilson,

More unintended consequences have been identified should the proposed Division 296 tax policy become part of the superannuation system.

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