News

Financial Planning, Superannuation

New ROAs put onus on clients

early access advice

Template record of advice (ROA) documents released by five professional bodies have made it clear early access advice will be limited and at the request of consumers.

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Pensions

Care needed on asset sale from income stream

income stream asset

Trustees selling an asset segregated to a retirement income stream should document that strategy in advance to avoid ATO scrutiny over any capital gains.

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Investments

Trustees slow to adopt managed accounts

SMSF managed accounts

SMSFs have been slow to adopt managed accounts as part of their investment holdings despite solid growth in their use outside superannuation and among financial advisers.

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Direct Property

Fragmented property model key to advice gap

fragmented property model

A gap in the financial advice market has the potential to be filled due to the introduction of the fragmented property investment model, a wealth specialist has said.

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Superannuation

Widening early access unlikely

Early superannuation access

Legislative amendments that would allow more Australians to access their superannuation benefits early as a COVID-19 economic relief measure are unlikely, according to an industry body.

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Pensions

Fintech firm aiming for better pension models

Fintech pension balances

SMSF members will be able to better predict their future pension balances via a new series of apps under development by a retirement-focused fintech firm.

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ATO, Documentation

ATO open to digital signature use

ATO digital signature

Using a digital signature is an acceptable option for trustees unable to meet their SMSF financial statement signature requirements as a result of social distancing measures, the ATO says.

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Practice Management

WealthO2 adds digital meeting facility

online meeting

WealthO2 has incorporated online meeting tools into its platform with users also planning to use it after COVID-19 lockdown.

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Financial Planning, Superannuation

Virus advice rules confusing

super early access advice

Practitioners are confused about which clients they are allowed to provide advice to regarding the early access to super benefits for COVID-19 financial relief.

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Administration, Business News

SuperConcepts reports ongoing outflows

SuperConcepts outflows

SuperConcepts has reported an ongoing decline in assets under management in the first quarter of 2020, continuing a trend seen across 2019.

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