News

Pensions

Market downturn may suit new pension starts

SMSF pension

The current market downturn may benefit SMSF members looking at starting a pension as fund balances come under restrictive limits.

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Strategy, Superannuation

Year-end review critical in 2020

SMSF strategies

The importance of reviewing SMSF strategies in the lead-up to the close of the 2020 financial year has taken on new significance due to the COVID-19 economic impact, a mid-tier accounting firm director has said.

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Retirement

Govt defers retirement income covenant

retirement income

The government has deferred the implementation of retirement income framework legislation previously expected to commence in July.

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LICs

LIC, LIT stamping fees banned

LIC LIT stamping fees

Listed investment companies and trusts will no longer be able to charge stamping fees from 1 July 2020.

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Appointments

Tech leader exits SuperConcepts

SuperConcepts technical manager

The technical team of administration service provider SuperConcepts has been further reduced following the departure of its SMSF technical services executive manager.

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Regulation, Superannuation

Delaying NCC action could bring rewards

bring forward contribution

Members who are eligible but wary about exercising the non-concessional contribution bring-forward provision this year could be rewarded for their patience.

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ATO, Documentation

ATO offers new commutation assistance service

commutation authority assistance

A new ATO service will allow trustees issued with a commutation authority to make direct contact with the regulator to resolve any problems.

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Accounting, Investments

Accountant investment advice has validity

accountants SMSF investment advice

Unlicensed accountants should not assume they cannot assist SMSF clients with their fund investment strategy, but should be aware of the limits on the advice they can provide.

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Auditing, Financial Planning, Superannuation

Auditors on early access notice

auditors early access

Auditors have been called upon to report attempts to rort the early access scheme, while advisers have been warned not to promote services that provide access.

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Financial Planning

COVID-19 advice ROA has licensee obligations

Early access super advice

Specific licensee policies need to be considered before practitioners decide to use the compliance documentation relief measures regarding early access to super, an SMSF board member has said.

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