News

ATO, Superannuation, Tax

Relaxed residency rules can still pose risk

residency rules

Non-resident trustees might still be ineligible for income tax concessions regardless of the ATO’s more lenient approach to SMSF residency requirements in light of the COVID-19 pandemic, an audit expert says.

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ASIC

SMSF adviser jailed for six years

SMSF adviser jailed

A former SMSF adviser has been sentenced to six years’ jail for the misappropriation of client funds.

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Documentation

Electronic signatures on table until 2021

Electronic signatures

Corporate trustees can still execute deeds electronically after the government extended measures exempting them from having to do so face to face using ink and paper.

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ASIC, Superannuation

ASIC faces another fact sheet grilling

ASIC fact sheet

ASIC’s first attempt to price the cost of running an SMSF has been raised as an issue of concern ahead of the regulator’s appearance before a parliamentary committee tomorrow.

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Documentation, Estate Planning

BDBN can mimic death pension

BDBN reversionary pension

A binding death benefit nomination can achieve the same outcome as a reversionary pension, the partner of a law firm has said.

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Pensions

COVID-19 creates pension amount rethink

minimum pension amount

Advisers should factor in changes to members’ income needs and possible cash sources outside of their fund when applying COVID-19 reduced minimum pension measures for their clients.

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Strategy

Trustees need contribution date awareness

contribution date

Trustees need to be made aware different dates apply to when contributions can be made and birthdates are not always key markers for actions.

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Education

FASEA names hotspots as more pass exam

FASEA exam

Increasing numbers of advisers are passing the FASEA exam, but many are stumbling over a few key areas, leading to failure.

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ATO, Superannuation

myGov anomalies not absolute

myGov early access super

SMSF trustees should still be able to access their super benefits early under the COVID-19 financial relief measures, even if their myGov account is indicating their funds are invalid, a technical expert has said.

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Retirement

Retirees have to assess capital differently

retirees income capital

The COVID-19 pandemic’s effect on investment markets will force retirees to consider capital pools with regard to their income requirements, a senior financial services executive has said.

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