News

ATO, Legislation, SMSF, Superannuation, Tax, Trusts

Avoid state trustees in estate plans

Cooper Grace Ward, Sarah Camm, Gainer, Clinton Jackson, Annual Adviser Conference, Brisbane, ATO,

State or public trustees should be avoided as a back-up plan in SMSF estate plans as they often don’t want the job and assigning it to them could breach superannuation laws.

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Legislation, Tax

Up in the air

The fate of the Division 296 tax is facing different challenges and scenarios in the face of the upcoming federal election.

The fate of the Division 296 tax is facing different challenges and scenarios in the face of the upcoming federal election.

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Pensions

Legacy pension glitch addressed

Social Security Act, legacy pensions, Smarter SMSF, education,  Tim Miller,

The anomaly arising from the operation of the Social Security Act and the legacy pension amnesty has been addressed by a new legislative instrument.

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BDBNs, Estate Planning

Revised BDBNs must consider estate plan

binding death benefit nomination, BDBN, Cooper Grace Ward, Sarah Camm, Annual Adviser Conference, Brisbane,

Revisions to a BDBN must be made in reference to a member’s wider estate plan to prevent the nominations becoming confusing or conflicting with a will.

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ASIC

Regulators demand action from ASX

Australian Securities Exchange, ASX, Joe Longo, Reserve Bank of Australia, RBA, Michele Bullock, Australian Securities and Investments Commission, ASIC,

The RBA and ASIC have publicly reprimanded the ASX over a critical system failure last year, calling for more action to prevent a reoccurrence in the future.

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ETFs

Hedged gold ETF released

Global X, Global X Gold Bullion, Exchange Traded Fund, ETF, Global X Physical Gold, Australian Securities Exchange. ASX, Reserve Bank of Australia, RBA, Justin Lin, GHLD,

Global X has launched a new gold bullion currency-hedged exchange-traded fund on the ASX today, expanding its range of ETFs to 42.

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Contributions

Avoid tax strategy contribution split

contribution reserving strategy, Accurium, Anthony Cullen, Contribution, ATO, National Tax Liaison Group

Best practice suggests a contribution reserving strategy should be implemented using two separate transactions even though it is not required legally.

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Documentation

Sidestep deeds filled with law

SMSF deeds, superannuation law, Cooper Grace Ward, Clinton Jackson, Re Gainer, legal personal representative, LPR, Sarah Camm

SMSF deeds using rules cut from super law should be avoided as they will force trustees into limited courses of action rather than providing flexibility for future changes.

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Death benefits, Documentation

Limit attorneys to prevent BDBN changes

Attorney, BDBN, EPOA, binding death benefit nomination, Cooper Grace Ward, Scott Hay-Bartlem, enduring power of attorney, authorisations, SMSF trust deed, conflict

An attorney with unchecked authority is able to alter BDBNs, but SMSF documentation can force them to act within limits chosen by the trustees.

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ATO, Auditing, Technology

ATO confirms AI use not fully reliable

The ATO believes practitioners and trustees cannot completely rely on AI to undertake SMSF functions and an element of human involvement is still needed.

The ATO believes practitioners and trustees cannot completely rely on AI to undertake SMSF functions and an element of human involvement is still needed.

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