News

Documentation

SOA, investment strategy separate documents

SOA, investment strategy separate documents

A statement of advice should not be used as an SMSF investment strategy, regardless of the asset allocation information contained in it, according to an expert panel.

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Financial Planning

ASIC wins appeal in personal advice case

ASIC Westpac personal advice

The full Federal Court has ruled superannuation rollover advice provided by two Westpac subsidiaries was personal in nature and a breach of their licence and obligations under law.

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Tax

Tax incentives remain important

Tax incentives remain important

Tax incentives will still be a significant contributing factor in the bid to encourage people to save enough money to fund their own retirement, according to Treasury.

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Documentation, Estate Planning

Make death benefit nominations fund specific

Make death benefit nominations fund specific

The legal competency of fund members and the make-up of their SMSF must be taken into consideration by trustees when setting up binding death benefit nominations, an SMSF expert says.

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Superannuation

Super architect calls for hands-off approach

superannuation system confidence

A key player in the creation of the superannuation system has said it must be left alone to restore confidence and allow people to make long-term retirement decisions.

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ATO, Superannuation

ATO statistics endorsement of SMSF compliance

ATO SMSF compliance

The SMSF sector has recorded low rates of non-compliance and its performance has been endorsed by the ATO, an SMSF specialist has claimed.

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FASEA

Associations take issue with FASEA Code process

FPA AFA FASEA Code

The FPA and AFA have voiced their concerns over the process used to form FASEA’s new code of ethics, following the recent release of FASEA’s code of ethics guidance.

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ATO

Changes to TBAR set to take effect

Changes to TBAR set to take effect

Spreadsheet TBAR forms will no longer be accepted after 31 October and all TBAR forms lodged after that date must be via the ATO online service portal, the regulator says.

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Auditing, Investments

Investment strategy acknowledgement can be simple

SMSF investment strategy documentation

Obtaining simple documentation can be enough for auditors to determine SMSF trustees have fulfilled their legal obligation with regard to a fund’s investment strategy, according to the ATO.

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Superannuation, Tax

Don’t ignore death tax until death bed

SMSF death tax

SMSF advisers need to discuss the reality of death taxes when setting up a fund to avoid difficult conversations at time of a member’s death.

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