News

Investments

Infrastructure not SMSF panacea

Infrastructure assets

Making infrastructure assets more available to SMSFs may not provide the post-COVID-19 investment solution for the sector as first thought, a panel of industry thought leaders has said.

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Superannuation

Legislation gap creates recontribution window

super recontributions

The lack of alignment between changes to the work test for voluntary concessional contributions and superannuation preservation age has created a gap where those in the first stages of retirement may be able to make super recontributions unavailable to them before age 65. Heffron managing director Meg Heffron said if bring-forward contribution rule changes currently […]

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Accounting

Trustee removal may be best dispute outcome

trustee removal

Arguments over member rollouts could justify a trustee being removed if the trustee is shown to be acting against the best interests of the fund, an SMSF legal expert says.

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ATO, Superannuation

SuperStream compliance date pushed out

SuperStream

Super funds have been given a six-month grace period in which to comply with requirements to accept SMSF rollovers via SuperStream, with a failure to do so not considered a breach during that period.

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LRBA

Document order key for LRBA

LRBA documents

Trustees purchasing property through limited recourse borrowing arrangements (LRBA) should confirm in what order key documents should be signed for that state, an SMSF legal expert says.

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Investments

Equity holdings to hit SMSF sector

SMSFs equity holdings

The high levels of equity holdings inside SMSFs will increase the decline in assets compared to other superannuation sectors, according to an industry research group.

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Education

SuperGuardian becomes approved educator

superguardian SMSFA approved educator

The SMSF Association has expanded its list of accredited education providers with the addition of fund administrator SuperGuardian.

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Financial Planning

FOFA-based class action afoot

FOFA class action

A class action has been brought against the financial planning arms of AMP, CBA and Westpac for Future of Financial Advice reform contraventions.

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Documentation

Trust deed history required

Trust deed history

A fully documented history of an SMSF’s trust deeds is required to establish the validity of any variations made to this element of the fund’s paperwork, a law partner has said.

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ASIC, FASEA, Financial Planning

Individual adviser oversight still unclear

advisers oversight

ASIC is still unsure whether it will have oversight over individual advisers from 2022, stating its authority only covered licensees under current legislation.

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