News

Superannuation

Redundancy another super access window

Redundancy superannuation access

Access to superannuation benefits can be triggered by redundancy, perhaps as a consequence of COVID-19, providing a financial relief measure for certain individuals, a technical services manager has said.

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Superannuation

Govt welcomes APRA early release data

APRA early release data

The government has welcomed new APRA data relating to the early release superannuation scheme which shows consumers are receiving funds in a matter of days.

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Financial Planning

Client newsletters not soliciting

newsletters early access

An SMSF Association discussion panel has said it is unlikely the anti-soliciting provisions regarding the COVID-19 early super access advice will include client newsletters.

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Direct Property, Superannuation

ATO flags property development concerns

ATO SMSF property development

Property development via an SMSF is a legitimate investment, the ATO has said, but it is concerned about schemes moving funds into super or damaging retirement incomes.

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Property, Tax

Related-party rent relief has NALI catch

rent relief NALI

SMSF trustees not offering rent relief need to consider if that move may trigger NALI when dealing with related parties.

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Auditing

Auditor bullying can be managed

Auditor intimidation

Situations where an SMSF auditor is being intimidated by a client can be managed if the practitioner cannot resign the account, a leading practitioner has said.

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Documentation, Superannuation

Marsella appeal shows legal focus is on process

Marsella appeal

A recent unsuccessful appeal relating to an SMSF death benefit payment has demonstrated courts will focus on trustee obligations first rather than underlying perceptions of fairness.

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ASIC

ASIC permanently bans SMSF adviser

SMSF adviser permanently banned

ASIC has permanently banned an ACT-based SMSF adviser from providing financial services as a result of not considering the best interests of clients.

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Superannuation

Early access impact overstated

early access impact

The impact of a $10,000 early access benefit on superannuation balances has been overestimated, with new modelling suggesting the decrease would be marginal.

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Auditing

Auditors off hook for rent relief breaches

auditors rent relief breaches

Contraventions of super laws that might arise as result of rental relief measures do not need to be reported by auditors for the current financial year, the ATO says.

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