News

Retirement

Retirement reforms unnecessary

Retirement income system

The latest submissions to the Retirement Income Review have deemed major system reform unnecessary.

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Pensions

Pension reporting systems need review

pension reporting systems

SMSF administrators should take the time to review their procedures and administration systems in order to prevent a fund failing to meet minimum pension payments.

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Financial Planning

AMP-linked advice associations merge

AMP financial advice associations

Two associations for AMP-linked advisers will merge to continue to promote the best interests of their members to the company, government and consumers.

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Compliance, Regulation

Compo scheme should be broad

financial services compensation scheme

All providers of financial services and products should be part of and contribute to an industry-wide consumer compensation scheme, the SMSF Association has recommended.

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ATO, Superannuation

ATO death benefit ruling raises questions

ATO member benefit ruling

A private ruling by the ATO on the timing of a member benefit payment has raised questions about whether it is consistent with tax and super law.

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Retirement

Retirement held hostage to election cycle

Retirement income election cycles

The Retirement Income Review is an opportunity to provide much-needed clarity within the retirement income system, an SMSF technical expert says.

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ATO

New ATO facility proving popular

ATO myGovID

A significant number of taxpayers are already using the ATO’s myGovID facility

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ATO, Tax

Tax case law has NALE solution

Tax case law NALE

Established and tested tax case law should inform how the ATO will treat non-arm’s-length expenditure (NALE) within an SMSF, an SMSF lawyer has suggested.

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LRBA

TSB changes likely to hit trustee strategies

LRBA TSB contribution strategy

Some trustees with LRBAs may need to rethink their usual strategy in order to comply with the changes to TSB calculations, an SMSF technical expert says.

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Administration, Auditing

Audit and admin business rebrands

SMSF audit administration

Superannuation Advisors Australia has undergone a rebrand, with the organisation now operating as Seamless SMSF.

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