News

Superannuation

The pros and cons of six-member SMSFs

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six-member SMSFs

The prospect of six-member SMSFs moved a step closer when the Treasury Laws Amendment (Self-Managed Superannuation Funds) Bill 2020 was recently introduced into parliament. If the bill is finalised as law in November, the increase to the maximum allowable number of members for an SMSF could commence as early as 1 January 2021. The bill proposes […]

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Superannuation

Budget may boost SMSF appeal

SMSF appeal

A number of the 2020 federal budget announcements have the potential to strengthen the appeal of SMSFs, some technical experts have predicted.

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Superannuation

Stapled super to cut lost funds, excess fees

multiple superannuation accounts

New superannuation reforms will stop unintended multiple accounts being created by ensuring members can keep their fund when changing employers.

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Superannuation

Minimal super changes welcomed

Superannuation changes

The superannuation sector has welcomed the absence of changes to the mechanics of the super system in this year’s federal budget.

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Auditing

New entities can’t duck audit independence standards

SMSF auditor independence standards

Newly established audit firms will not be considered as a legitimate vehicle facilitating compliance with the new auditing independence standards if they are formed only to service SMSF clients of the accounting practice for which the founders previously worked, the regulator has warned.

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Appointments

Accurium hires ex-SuperConcepts tech leader

Accurium Ellem

Accurium has appointed former SuperConcepts SMSF technical services executive manager Mark Ellem as its new head of education.

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FASEA

FASEA begins ethics guide consultation

FASEA ethics

The Financial Adviser Standards and Ethics Authority (FASEA) has opened consultation for its draft code of ethics guide.

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Financial Planning, Superannuation

Advised consumers less likely to access super

financial advice early access

New research has found people who had received financial advice were less likely to dip into their savings to deal with the financial impact of COVID-19.

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Superannuation

SMSFA conducting cost research

cost running SMSF

New sector research into the cost of running an SMSF is currently being performed by the SMSF Association with a planned release in November.

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Estate Planning

Barriers to litigation key in estate planning

SMSF estate planning

Advisers should put barriers in place to protect clients’ wealth structures, including SMSFs, from legal disputes eating into their family estate upon their death.

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