News

Some reversionary pensions may fail to revert

December 7, 2020

Circumstances where an adult child is nominated as the recipient of a reversionary pension could leave the intended beneficiary empty handed, a legal expert has said.

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ASIC

Former director charged with dishonest conduct

December 7, 2020

Tharshini Ashokan

A former company director has been charged with dishonest conduct relating to the mismanagement of clients’ SMSFs.

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Documentation, Superannuation

Expense duty will impact SMSFs

December 3, 2020

Jason Spits

An understated budget change may require SMSF trustees to account for every dollar spent by their fund under an expansion of best interest duties.

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Auditing, Tax

Tax agent/auditor role unclear

December 3, 2020

Darin Tyson-Chan

It remains unclear whether a practitioner can act in the capacity of tax agent and also auditor for an SMSF, a sector specialist has said.

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Superannuation

YourSuper to affect SMSF advice

December 3, 2020

Darin Tyson-Chan

A technical manager has warned the YourSuper performance measure to be applied to MySuper finds announced in the 2020 federal budget will have an impact on SMSF advice.

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Administration, Superannuation

SMSF costs below $3000 a year

December 2, 2020

Jason Spits

A fintech firm has found the running costs of SMSFs can be under $3000 even where investment and brokerage fees are included.

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Documentation

Company constitutions require focus

December 2, 2020

Darin Tyson-Chan

A specialist lawyer has advised for particular attention to be paid to company constitutions of SMSF corporate trustees as they hold the key to decision-making for the fund.

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Property

DomaCom retirement income role twofold

December 2, 2020

Darin Tyson-Chan

Fractional property investment manager DomaCom has stated it can play a dual role in improving the retirement incomes of average Australians.

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Superannuation

Super for housing will only increase prices

December 2, 2020

Jason Spits

Allowing early access to superannuation for housing will only drive up prices while adding an unintended burden on the retirement income system.

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ATO, Investments, Superannuation

Trustee letters effect unknown

December 1, 2020

Darin Tyson-Chan

The ATO has revealed the SMSF investment strategy is being treated with more importance, although the shift cannot be attributed to the compliance letters the regulator sent out on the subject last year.

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