News

Superannuation

SG rise not needed with improved efficiency

superannuation guarantee increase

Greater efficiencies in the retirement income system could allow people to have adequate retirement income without an increase in the superannuation guarantee, a retirement review has claimed.

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Retirement, Superannuation

Retirement objective a community decision

Retirement objective

The greater community needs to set the objective for the retirement income system but must avoid vague outcomes that achieve little, the Retirement Income Review has recommended.

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Retirement, Superannuation

Industry bodies highlight specific report areas

retirement report

The financial services industry bodies have highlighted specific areas of the Retirement Incomes Review for specific scrutiny but have all in the main welcomed the report.

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Residential Property, Superannuation

Changes needed for equity release solution

equity release retirement income

Certain aspects of the domestic financial aspect have to change if the home equity release is to play a larger role in people’s retirement incomes as suggested in the government’s Retirement Income Review, a university professor has said.

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ATO

Now a good time to come clean

ATO SMSF breaches

No-action positions taken by the ATO should encourage SMSF trustees to voluntarily tackle other compliance-related issues in their funds, an SMSF lawyer has advised.

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Appointments

New vice chair for SMSF Association

vice chair SMSF Association

The SMSF Association has appointed Michael Houlihan as its new vice chair.

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ATO, Auditing

Latest ATO mail-out reveals more SAN misuse

ATO SAN misuse

The ATO has uncovered over 700 instances of SMSF auditor number misuse relating to SMSF annual returns for the 2019 financial year.

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Pensions

Death benefits don’t need cash

Death benefits cashing

The cashing of a death benefit can be executed using an in-specie transfer, a technical services manager has said.

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Documentation

Avoid blanket conflict clauses in EPOA

conflicts clauses EPOA

Blanket clauses in EPOAs overriding conflicts of interest relating to the making or extending of BDBNs are likely to be ineffective or, in some cases, high-risk.

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ASIC, Financial Planning

Protocol will enable five-year work check

adviser work check

A draft reference-checking protocol includes the ability for licensees to check five years of an adviser’s work and audit history before deciding to employ them.

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