News

ATO, Insurance

Compassionate sum must be net of tax

Early payments made from SMSFs on medical compassionate grounds must have tax deducted before they are received by the relevant member.

Early payments made from SMSFs on medical compassionate grounds must have tax deducted before they are received by the relevant member.

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financial advice, Trusts

Reconsider wholesale client status

SMSF advisers should view all trustee clients as retail until they can show they have the assets to meet the upper limits of the wholesale investor test.

SMSF advisers should view all trustee clients as retail until they can show they have the assets to meet the upper limits of the wholesale investor test.

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ASIC, ATO, Auditing

ASIC sanctions 17 SMSF auditors

ASIC has cracked down on 17 SMSF auditors who failed to meet their compliance obligations, banning some and imposing various disciplinary measures on others.

ASIC has cracked down on 17 SMSF auditors who failed to meet their compliance obligations, banning some and imposing various disciplinary measures on others.

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ART, ATO, Pensions, Tax

ART ruling may clash with TR 2013/5

Administrative Review Tribunal, ART, TR 2013/5, superannuation pension, Tax Ruling 2013/5, Sladen, Phil Broderick, Philippa Briglia, QWYN and Commissioner of Taxation, superannuation income stream

The Administrative Review Tribunal has adopted a wide view on what may be considered a superannuation pension, potentially creating a conflict with Taxation Ruling 2013/5.

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AFCA, Compliance

AFCA states SMSFs are not a problem

AFCA, CSLR, Australian Financial Complaints Authority, Compensation Scheme of Last Resort, CSLR, Business As Usual, BAU,

AFCA has admitted advice involving the use of SMSFs and not the funds themselves is triggering a large number of complaints it is receiving.

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AFCA, Compliance, SMSF

Wholesale investor test clarified

Wholesale investor, Australian Financial Complaints Authority, AFCA, Patrick Hartney, Shail Singh, Australian Securities and Investment Commission’s, ASIC,

AFCA has provided some context as to how ASIC’s enforcement approach to the wholesale investor rules will apply to individuals in practical terms.

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Death benefits, financial advice, SMSF

Ambiguous BDBNs need legal specialists

Binding Death Benefit Nomination, BDBN, Cooper Grace Ward Lawyers, Hayley Mitchell, SMSF Association National Conference 2025,

Advisers must self-evaluate their capability to negotiate problems with BDBNs they create and if unsure delegate that work to legal specialists.

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Education, SMSF, Superannuation, TPB

Tax advice deadline shouldn’t be ignored

Financial Advice Association Australia, FAAA, Tax Practitioners Board, TPB, FAAA Roadshow 2025, Phil Anderson,

Financial advisers should acknowledge the year end deadline for education requirements runs concurrently with one governing tax advice.

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Business News, financial advice

IFPA strikes alliance with AIOFP

Two bodies representing advice practitioners have announced an alliance with plans to share ongoing education and lobbying efforts.

Two bodies representing advice practitioners have announced an alliance with plans to share ongoing education and lobbying efforts.

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ATO, Business News, Death benefits, SMSF, Superannuation

Death pension doubt from TR 2013/5

Tax Ruling 2013/5, TR 2013/5, superannuation, income stream, death benefit pensions, minimum payment, Colonial First State, Craig Day, SMSF Association National Conference 2025, ATO

The update to TR 2013/5 has created uncertainty as to the treatment of a death benefit pension if the required minimum payment has not been met.

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