News

ATO, Superannuation

Illegal early release still area of concern for ATO

SMSFs illegal early release

The ATO has flagged an increase in the number of SMSFs being used for illegal early release of superannuation funds.

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Financial Planning, Regulation

AFA calls for grandfathered commissions transition

AFA grandfathered commissions transition

Financial advisers need time and guidance to find solutions for affected clients before the 2021 deadline for ending grandfathered commissions, the AFA says.

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Documentation, Superannuation

Inflexible residency test should be dumped

SMSFs residency test

The residency test for SMSFs is easy to fail and offers no incentives for trustees to re-comply when they don’t pass it, the Tax Institute has claimed in a letter to Treasury.

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ATO, Investments

ATO letters not indicative of fund failure

SMSF investment strategy diversification

Trustees who have received letters as part of the ATO probe into the investment strategies of SMSFs should not assume they are non-compliant, an SMSF expert says.

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Pensions

Reversionary pensions carry risks

Reversionary pensions BDBN

There are risks in establishing reversionary pensions for clients that could undermine estate planning strategies, a specialist SMSF lawyer has said.

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Financial Planning, Retirement

Advisers must provide specialist death benefits advice

SMSF death benefits advice

An SMSF strategist has said the super reforms mean advisers need to provide better solutions for clients upon the death of a member.

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ATO, Auditing

ATO to ramp up SAN misuse scrutiny

ATO SAN misuse

The ATO will review the use of SANs each year after finding a high number of possible breaches by hundreds of tax agents.

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Financial Planning

Limited licence advice system has caused confusion

limited licence advice

A call has been made by a partner in a large chartered accounting firm for the introduction of a better licensing system for SMSF advisers.

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ATO, Investments

ATO letters ensuring good fund management

ATO SMSF investment strategy

A specialist SMSF lawyer has described the ATO’s decision to scrutinise the investment strategy of certain funds as no cause for alarm.

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Estate Planning

Topdocs upgrades estate planning capability

Topdocs estate planning

Topdocs has improved the range and content of its estate planning documentation and partnered with a legal service to connect advisers with legal firms.

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