News

Documentation, Estate Planning

BDBN can mimic death pension

BDBN reversionary pension

A binding death benefit nomination can achieve the same outcome as a reversionary pension, the partner of a law firm has said.

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Pensions

COVID-19 creates pension amount rethink

minimum pension amount

Advisers should factor in changes to members’ income needs and possible cash sources outside of their fund when applying COVID-19 reduced minimum pension measures for their clients.

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Strategy

Trustees need contribution date awareness

contribution date

Trustees need to be made aware different dates apply to when contributions can be made and birthdates are not always key markers for actions.

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Education

FASEA names hotspots as more pass exam

FASEA exam

Increasing numbers of advisers are passing the FASEA exam, but many are stumbling over a few key areas, leading to failure.

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ATO, Superannuation

myGov anomalies not absolute

myGov early access super

SMSF trustees should still be able to access their super benefits early under the COVID-19 financial relief measures, even if their myGov account is indicating their funds are invalid, a technical expert has said.

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Retirement

Retirees have to assess capital differently

retirees income capital

The COVID-19 pandemic’s effect on investment markets will force retirees to consider capital pools with regard to their income requirements, a senior financial services executive has said.

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ATO, Auditing

TPB action key to deterring SAN misuse

SAN misuse

The ATO has welcomed the TPB’s action against tax practitioners who engaged in fraudulent misuse of SMSF auditor numbers (SAN).

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FASEA, Financial Planning

Test ethical judgments through questioning

financial advisers professional judgement

Financial advisers can show their professional judgement is also ethical by viewing their actions from the point of view of an impartial third-party.

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Financial Planning, Regulation

ASIC unveils new dispute framework

internal dispute resolution

Financial advisers will fall under a new internal dispute resolution system from late 2020 that requires quick, but detailed, responses to complaints.

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Pensions

Call for market-linked pension fix

market-linked pension

The SMSF Association has asked the ATO to use its discretionary powers to correct an irregularity in the transfer balance account debit calculation when market-linked pensions are commuted.

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