News

Financial Planning, Superannuation

Advised consumers less likely to access super

financial advice early access

New research has found people who had received financial advice were less likely to dip into their savings to deal with the financial impact of COVID-19.

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Superannuation

SMSFA conducting cost research

cost running SMSF

New sector research into the cost of running an SMSF is currently being performed by the SMSF Association with a planned release in November.

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Estate Planning

Barriers to litigation key in estate planning

SMSF estate planning

Advisers should put barriers in place to protect clients’ wealth structures, including SMSFs, from legal disputes eating into their family estate upon their death.

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LRBA

Safe harbour rate crucial in loan relief

Safe harbour loan relief

SMSFs should not overlook the changes to the safe harbour interest rate when reporting COVID-19 loan relief linked to related-party LRBAs.

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Appointments, ATO

ATO makes key SMSF appointment

ATO SMSF appointment

The ATO has appointed a senior executive to a key role assisting SMSFadvisers, auditors and trustees to meet their obligations.

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Superannuation

Early release triple hit possible

early super release penalty

Trustees who breach the COVID-19 economic relief measure in the 2020/21 financial year potentially face an adverse outcome that includes a triple penalty, a technical expert has said.

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Regulation, Superannuation

Flexibility key win with six member funds

six member SMSFs

Raising the member limit for SMSFs will introduce more flexibility into the current system without posing additional administrative risks for funds, the SMSF Association has said.

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Accounting, Financial Planning, Superannuation

Best interest may require referrals

SMSF accountants best interest

SMSF accountants facing questions about investments may need to refer clients to other advice providers under best interest obligations.

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Education, FASEA

More advisers passing FASEA exam on resit

FASEA exam

Close to 12,000 advisers have sat the FASEA exam with those doing it for the second time increasing the rate at which they are passing.

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ATO, Pensions

No leeway on overpaid pensions

minimum pension payments

Formal elections made at the start of the 2019/20 financial year as to the treatment of payments made above the minimum pension are unlikely to allow any re-classification of drawdowns in excess of the COVID-19 reduced threshold, a senior executive at an industry body has indicated.

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