News

Tax

NALE measure one to watch for 2021

December 10, 2020

The finalisation of non-arm’s-length expenditure (NALE) within Law Companion Ruling (LCR) 2019/D3 is one of the key measures likely to shape the SMSF space over the coming year.

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Retirement

Better retirement income knowledge needed

December 10, 2020

Darin Tyson-Chan

The Retirement Income Review finding that improving people’s understanding of three key elements of the current system will lead to better decumulation outcomes has been endorsed during an industry discussion forum.

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Documentation

Can’t hide some dispute advice

December 9, 2020

Jason Spits

Trustees cannot withhold any legal advice they have sought during a dispute if it has been paid for by their super fund which in reality is the owner of the advice, an SMSF lawyer has noted.

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Financial Planning

New adviser body imminent

December 9, 2020

Darin Tyson-Chan

SMSF practitioners providing specialised advice covering three specific issues will soon have a new industry body to represent and support them.

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Accounting, Education

FASEA reforms a licensee tipping point

December 9, 2020

Tharshini Ashokan

The limited licensing model has become untenable due to a number of factors, the most impactful of them being the introduction of FASEA’s latest education requirements.

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Superannuation

SMSF satisfaction grows as pandemic eases

December 9, 2020

Jason Spits

A wide ranging consumer survey has found increasing levels of satisfaction with superannuation with SMSFs ahead of industry and retail funds.

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Documentation

E-signing protocols needed

December 8, 2020

Darin Tyson-Chan

The ATO has confirmed trustees will have to ensure proper protocols are followed when using electronic signatures to approve SMSF financial statements.

Licensing reform should span all SMSF advice

December 8, 2020

Tharshini Ashokan

Any potential changes made in an effort to reform the licensing framework should apply to everyone in the SMSF advice space, not just accountants, an accountant licensing expert says.

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Regulation, Tax

Off-market transfer practices hold NALI trap

December 8, 2020

Jason Spits

Trustees should not rely on old habits when processing off-market transfers as NALI rules will create new tax burdens.

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Education

New course to boost SMSF knowledge

December 8, 2020

Jason Spits

A new education offering will provide advice practitioners with entry-level SMSF training carrying CPD credits recognised by major industry associations.

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