News

Financial Planning

Client role key for advice

Client capacity SMSF advice

Practitioners need to understand whether they are advising the SMSF trustee or SMSF member to be most effective.

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ATO

Exceeding TBC requires prompt action

exceeding tbc

Advisers must act quickly to clear up any issues for SMSF clients who are found to have exceeded their TBC under the new indexation rules that will soon apply.

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Pensions

ECPI election likely to be end of year

ECPI elections

The SMSF Association has predicted the government will allow ECPI elections to take place at the end of an income year as it will make little difference to its received revenue.

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Pensions

Give pension certainty to lift drawdown rate

pension draw down

Assurances from the government that the age pension and other benefits will be retained will drive more people to draw down on their accumulated retirement savings.

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Financial Planning

Doubt over who owns client relationship

owns client relationship

New legislation has cast doubt over whether an adviser or a service provider owns an existing client relationship.

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Superannuation

First-job SMSF validation needed

Value proposition SMSFs

SMSFs need to improve their appeal to first-time workers to be considered a viable super fund for life option.

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Retirement

System focuses too much on accumulation

superannuation system accumulation

The compulsory superannuation system has been so focused on the accumulation phase that many people are unsure how to use their savings in retirement.

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Regulation, Superannuation

TBC indexation changes not universal

TBC indexation SMSFs

General TBC indexation will lead to more complexity for some, but not all, SMSFs and advisers need to be aware of where it will apply.

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Compliance

Non action can create sole purpose breach

no action sole purpose test

An SMSF trustee who intentionally took no action to gain a non-retirement benefit will still be viewed as breaching the sole purpose test.

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Superannuation

Your Future, Your Super contradictory

Your Future, Your Super

Labor has claimed there are significant problems with the Your Future, Your Super bill, particularly around performance measures, that need attention.

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