News

Financial Planning

SMSF advice of high quality

SMSF advice high quality

The quality of SMSF advice being provided to consumers has been found to be of very high quality and the number of complaints are low, according to the Australian Financial Complaints Authority.

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Pensions

Drawdown rates to return to pre-COVID levels

pension drawdown rates

The SMSF Association has predicted minimum pension drawdown rates will return to pre-COVID-19 levels, but remain static at that point despite changes in life expectancy.

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Strategy

Unit trust protections misunderstood

Unit trust protections SMSFs

SMSFs using unit trusts should how the underlying assets are protected as limited liability does not automatically apply to unit holders unless dictated in trust documents.

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Financial Planning, Technology

Technology key to better advice

advice technology

Advisers struggling to manage the multiple demands of their business should embrace advice technology, a fund manager has said.

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Auditing

Independence evidence outlined

auditor independence evidence

The evidence accounting firms will need to have to prove no breach of the amended auditor independence standards has occurred has been specified.

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ATO

SMSFA calls for NALE clarity

SMSF Association NALE clarity

While the SMSF sector awaits a final ruling on the handling of non-arm’s-length expenses (NALE) rules, a further call has been made for greater clarity around what trustees can and can’t do for their fund.

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Superannuation

SGC halt hypocritical and broken promise

Super guarantee promise

Halting SGC increases would be unfair to workers and a departure from stated government policy at the last election, the opposition has claimed.

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Superannuation

SMSF practitioners strong in 2020

SMSF practitioners 2020

The SMSF sector performed well in 2020 on all fronts, including during the heights of the COVID-19 crisis and state lockdowns.

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Superannuation

Best financial interest duty key for SMSFs

Best financial interest duty SMSFs

The best financial interest duty that will be introduced in the Your Future, Your Super package will have relevance for all super funds, including SMSFs, according to a senior government minister

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Accounting, Documentation

Class acquires document provider

Class ReckonDocs

SMSF technology platform Class has acquired documentation service ReckonDocs as part of its ongoing transformation strategy.

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