News

Pensions

Grandfathered pension check crucial

Grandfathered pensions

Advisers should check if pensions are grandfathered when stopping and starting ABPs to avoid potentially devastating outcomes for some clients, an SMSF technical expert says.

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Accounting

Be cautious around SMSF loan discussions

SMSF loan refinancing

Accountants have been warned to tread lightly when discussing SMSF loan refinancing in the coming months and be certain to keep their advice within tight limits.

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Education, FASEA

FASEA offers credits for postgraduate study

FASEA postgraduate

FASEA plans to recognise postgraduate qualifications and historical courses offered by professional bodies under new amendments to its course list.

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Pensions

Pension payments over minimum

Minimum pension

The latest ATO statistics have shown SMSF members in retirement have historically been drawing down more than the minimum pension required.

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Financial Planning, Superannuation

ROAs pointer for new advice framework

records of advice framework

The use of records of advice for the early release of superannuation will be used to show advisers can provide specific advice confined to a single issue.

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Pensions

ATO releases pension TBA debit guidelines

pension TBA debit

The ATO has released guidance intended to help funds navigate the new TBA debit calculation for commutations of market-linked pensions, which was passed as law in June.

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Pensions

Pensions face indexation conflict

lifetime pensions indexation

SMSFs with a lifetime pension in place could face conflicting legislative instruments due to the current economic climate, a technical expert has said.

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ASIC

Former Queensland adviser charged with fraud

SMSF adviser fraud

A former financial adviser has been charged with fraud, including the unauthorised withdrawal of over half a million dollars from SMSF clients’ bank accounts, following an ASIC investigation.

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Superannuation

Bad advice compensation not a contribution

compensation SMSF contribution

SMSF members expecting compensation related to bad advice can receive the payments without breaching contribution limits, but need to know which members will receive it.

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Investments

Risk statements critical for some derivatives

SMSFs derivatives

SMSFs with derivatives that give rise to a charge over the fund’s assets have to fulfil the additional compliance requirement of having a derivatives risk statement in place, an SMSF legal expert says.

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