News

Compliance, Retirement, SMSF

Query reasons for trustee transactions

SMSF Self-managed superannuation Tim Miller SuperGuardian Smarter SMSF sole purpose test related party transaction

Questioning the motives of trustees will often reveal why they are undertaking a transaction and if it will pass the sole purpose test.

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Appointments, Business News

SMSF Association adds policy manager

SMSF Assocation Policy manager Keddie Waller Appointment

The SMSF Association has hired a new policy manager, who joins the body after more than a decade working with another industry organisation.

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Retirement, Superannuation

Insurance, healthcare push up retiree costs

ASFA Retirement standard Inflation

Rising home and health insurance costs, along with higher electricity prices, are driving the amount needed for a comfortable retirement to new highs.

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BDBNs

BDBNs go past initial member death

SMSF Self-managed superannuation Estate plan binding death benefit nomination BDBN View Legal Matthew Burgess

In order for an SMSF estate plan to be robust, the implementation of a BDBN must deal with situations beyond the death of the original member.

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ATO, Pensions, Regulation

Take note of pension rule change

Pension TR 2013/5 ECPI Exempt current pension income ATO

SMSF trustees have been warned of the significant tax risks if minimum pension payments are missed following a change to an established ATO ruling.

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Death benefits

View death benefits as ancillary purpose

SMSF Self-managed superannuation Smarter SMSF SuperGuardian Tim Miller Death benefits Sole purpose test

SMSF trustees should view the payment of death benefits as an ancillary purpose rather than a core purpose of the fund to ensure it remains compliant with the sole purpose test.

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Compliance, Superannuation

Incapacity definition has dual purpose

Incapacity Superannuation Industry Supervision Act Condition of release

SMSFs can use a single definition of permanent incapacity to meet a condition of release and gain a tax concession, but should document and retain that definition to avoid breaching super and tax laws.

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Investments, Superannuation, Tax

Associations call for Division 296 change

JAWG Joint Associations Working Group Division 296 tax Unrealised capital gains Deeming rate Better Targeted Super Concessions Bill

A group of 11 industry bodies representing advisers, stockbrokers and accountants has called for the Division 296 tax calculations to be reopened for further consultation.

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financial advice, Regulation

FAAA raises CSLR issues with Jones

CSLR Compensation Scheme of Last Resort FAAA Financial Advice Association Australia Dixon Advisory Stephen Jones

The FAAA has met with Treasury to press for action on its key concerns regarding the Compensation Scheme of Last Resort.

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ETFs, Investments

Three new ETFs from Dimensional

Exchange-traded fund ETF Dimensional Fund Advisors

International wealth manager Dimensional Fund Advisors has launched three actively managed ETFs on the ASX to expand and complement its existing product range in Australia.

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