News

FASEA

Few tears shed over FASEA wind-up

FASEA wind-up

Plans to scrap FASEA and move its functions into existing government bodies have been met with widespread approval.

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Tax

NALE measure one to watch for 2021

NALE measure 2021

The finalisation of non-arm’s-length expenditure (NALE) within Law Companion Ruling (LCR) 2019/D3 is one of the key measures likely to shape the SMSF space over the coming year.

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Retirement

Better retirement income knowledge needed

retirement income knowledge

The Retirement Income Review finding that improving people’s understanding of three key elements of the current system will lead to better decumulation outcomes has been endorsed during an industry discussion forum.

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Documentation

Can’t hide some dispute advice

SMSF dispute advice

Trustees cannot withhold any legal advice they have sought during a dispute if it has been paid for by their super fund which in reality is the owner of the advice, an SMSF lawyer has noted.

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Financial Planning

New adviser body imminent

SMSF industry body

SMSF practitioners providing specialised advice covering three specific issues will soon have a new industry body to represent and support them.

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Accounting, Education

FASEA reforms a licensee tipping point

FASEA limited licensee

The limited licensing model has become untenable due to a number of factors, the most impactful of them being the introduction of FASEA’s latest education requirements.

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Superannuation

SMSF satisfaction grows as pandemic eases

SMSF satisfaction

A wide ranging consumer survey has found increasing levels of satisfaction with superannuation with SMSFs ahead of industry and retail funds.

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Documentation

E-signing protocols needed

Electronic signature protocols

The ATO has confirmed trustees will have to ensure proper protocols are followed when using electronic signatures to approve SMSF financial statements.

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Accounting, Financial Planning, Regulation

Licensing reform should span all SMSF advice

licensing reform SMSF advice

Any potential changes made in an effort to reform the licensing framework should apply to everyone in the SMSF advice space, not just accountants, an accountant licensing expert says.

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Regulation, Tax

Off-market transfer practices hold NALI trap

Off-market transfers

Trustees should not rely on old habits when processing off-market transfers as NALI rules will create new tax burdens.

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