News

Scanned documents not acceptable

October 14, 2021

Superannuation law and other pieces of legislation do not allow the use of scanned copies of documents as an official record for a fund.

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Estate Planning, Retirement

Be wary about claims around incapacity

October 14, 2021

Jason Spits

Any claims about the incapacity of an SMSF trustee must come with fully documented evidence and should not rely only of the word of an attorney.

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Superannuation

Six-member funds trustee training ground

October 14, 2021

Tia Thomas

Six-member funds will be a useful tool to prepare adult children taking over a fund from a parent who has lost capacity.

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Financial Planning

ASIC further extends COVID SOA measures

October 14, 2021

Jason Spits

ASIC has extended relief measures which allow the use of records of advice for COVID-19 financial hardship-related advice until April 2022.

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ATO

ATO provides PAYG instalment relief

October 14, 2021

Tia Thomas

The ATO will not apply penalties or interest on varied PAYG instalments for COVID affected SMSFs provided they can prove they took reasonable care to estimate their end-of-year tax.

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Financial Planning

FPA welcomes FSC advice recommendations

October 14, 2021

Jason Spits

The FPA has welcomed recommendations from the FSC to reduce the cost and complexity of advice, noting they are consistent with its own reform plans.

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ETFs

ETF Securities provides access to fintech sector

October 14, 2021

Darin Tyson-Chan

Investors will now have the opportunity to include companies in the fintech and blockchain sectors in their portfolios via a new ETF offering.

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Documentation

Email issues complicate e-approvals

October 13, 2021

Darin Tyson-Chan

SMSF trustees may be limited in their use of any measures allowing the use of digital signatures to approve fund documents due to their email set-ups.

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ATO

SMSF rollovers delayed by manual requests

October 13, 2021

Tia Thomas

Rollovers into SMSFs using the ATO’s SMSF verification service are being delayed due to a large number of manual verification requests.

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Investments, LRBA

Property investments clouded in statistics

October 13, 2021

Jason Spits

The total percentage of property assets in SMSFs is split across different categories, but combining them under a single asset class shows property is the second largest investment area.

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