News

YourSuper benchmarking measures detrimental

October 29, 2020

The benchmark measures to be used in the YourSuper comparison tool announced as part this year’s federal budget superannuation reforms could be detrimental to long-term fund behaviour.

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Retirement, Superannuation

Fintech tool to overcome early release effect

October 29, 2020

Jason Spits

The effect of early release of superannuation on retirement income balances can be mapped according to a fintech firm which claims a new tool can also show how to offset that impact.

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LRBA, Property

LRBAs really only for property

October 28, 2020

Darin Tyson-Chan

A panel of technical experts has declared limited recourse borrowing arrangements to be viable for the purchase of property only.

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Tax

TPB deregisters tax agent for SAN misuse

October 28, 2020

Tharshini Ashokan

The TPB has terminated the registration of a fourth tax agent following its review of tax practitioners referred to the board by the ATO for SAN misuse.

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Education, FASEA

Historical CPD doesn’t meet current standards

October 28, 2020

Jason Spits

FASEA has told a parliamentary committee historical CPD often falls short of new standards, which is why it has not been approved by the authority.

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Documentation

BDBN references to law incorrect

October 28, 2020

Jason Spits

SMSF trust deeds that rely on super laws to direct death benefits are incorrect as those laws only apply to retail and industry funds, an SMSF expert has warned.

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Auditing

New standards boost auditor role

October 27, 2020

Tharshini Ashokan

The restructured APES 110 Code of Ethics will help reinforce the important role auditors play in protecting trustees’ retirement savings, a major accounting body says.

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Documentation

Digital signatures still not ideal for deeds

October 27, 2020

Jason Spits

Making permanent changes to federal laws to allow electronically signed digital trust deeds will only assist SMSFs when all the states implement similar changes.

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Superannuation

Impersonal super misses target

October 27, 2020

Jason Spits

Single-solution superannuation offerings prevent fund members from finding the best contribution and investment mix for their retirement goals.

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Superannuation

Indexation may drop TSB limits

October 26, 2020

Darin Tyson-Chan

A technical specialist has predicted indexation measures likely to be applied to the concessional contributions cap could lower the total super balance limits determining the ability for individuals to make non-concessional contributions.

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