News

Superannuation

SMSFs seen to serve members better

SMSFs members problems

Retail and industry funds have not served members as well as they could have, unlike SMSFs, which had very few problems, a government senator has claimed.

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Superannuation

Tips and traps for 2020/21 contributions

SMSF contribution rules

SMSF advisers and members should consider certain tricky situations brought about by the new contribution rules that took effect from 1 July 2020.

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ASIC, Superannuation

ASIC ponders revised fact sheet

ASIC SMSF fact sheet

ASIC is still considering if it will release a revised SMSF fact sheet despite having updated information from the ATO on the cost of running a fund.

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ATO, Education

ATO trustee course takes shape

Trustees course

An SMSF trustee competency assessment is currently being finalised by the ATO.

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Estate Planning

Estates unlock dependency tax benefits

estate tax benefits

SMSF members should examine the tax benefits of nominating their estate as the beneficiary of a super death benefit if they want it to go outside the family, an SMSF legal expert says.

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Estate Planning, Strategy

Flexible BDBNs more advantageous than wills

BDBN SMSF will

Flexible binding death benefit nominations (BDBN) in an SMSF are better tools for directing wealth to beneficiaries than superannuation within a will, a compliance specialist has claimed.

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Property

Rent relief instrument imminent

SMSF landlords rent relief

The regulator’s compliance approach to COVID-19 driven rent relief provided by SMSF landlords will shortly be legally formalised.

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Accounting, Financial Planning

Licensing forces industry to rethink roles

licensing accountants advisers

AFS licensing requirements will push more advisers to specialise over time, allowing accountants to take on the role of the generalist for the SMSF sector.

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Superannuation

Satisfaction with SMSFs remains high

SMSF satisfaction

SMSF members have continued to report high levels of satisfaction with their choice of superannuation fund, according to new data released by Roy Morgan.

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Retirement, Tax

Bucket companies a valid strategy tool

bucket companies retirement tax

Bucket companies are a legitimate retirement and tax planning tool and claims they are out of favour with the ATO are untrue.

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