News

ATO

PBRs may not be loan safety net

ATO private rulings NALI

ATO private binding rulings may not offer infinite protection from being caught by the non-arm’s-length income rules with regard to SMSFs with related-party loans, a specialist law firm has warned.

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Pensions

SMSFs must consider all super for ECPI

ECPI calculation super

SMSFs should be considering their total superannuation holdings when calculating exempt current pension income to avoid using the wrong method.

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Insurance, Superannuation

Early super access could halt insurance cover

Super life insurance

Members who access their super early under the government’s coronavirus relief measures should consider how this will affect the life insurances provided by their super fund, a technical expert says.

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Documentation

DBA rolls out no-witness BDBN

BDBN witnesses

SMSF trustees will be able to execute a BDBN without the presence of witnesses under a new offering from an SMSF legal firm.

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FASEA

FASEA to fine-tune referral fee treatment

FASEA referral arrangement fees

Referral arrangements between financial planners and other service providers that include a fee will be reviewed by the Financial Adviser Standards and Ethics Authority as to their treatment under the industry’s code of ethics.

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Financial Planning

Pandemic driving interest in advice

COVID-19 financial advice

The interest in financial advice from new clients has spiked in recent weeks, alongside growing concerns from advisers about their own long-term survival.

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Compliance, LRBA

LRBA compliance essential despite COVID-19

LRBA compliance

Trustees forced to sell units in a trust subject to existing LRBAs should keep in mind the relevant compliance issues, regardless of the COVID-19 pandemic, a legal expert says.

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Appointments

AFCA appoints new lead ombudsmen

AFCA ombudsman

AFCA has appointed a new superannuation lead ombudsman and investments and advice lead ombudsman.

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Superannuation

SMSFs face COVID-19 relief raids

SMSF assets COVID-19 relief

The government will look to the large sums held by SMSFs and concessions available to funds as a source of money to repay borrowings related to COVID-19 relief measures.

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ATO, Compliance

Early super access possible for TRIS members

Early super access TRIS

Members with a TRIS might be able to access their super early if it consists of preserved or restricted non-preserved benefits, the ATO says.

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