News

financial advice, Financial Planning, Legislation

SOAs to go under further DBFO reform

Delivering Better Financial Outcomes, DBFO, Stephen Jones, Treasury, Federal Election, Parliament, Client Advice Record, 

The statement of advice may soon be replaced with a client advice record under the next stage of the government’s advice reform package.

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financial advice, Financial Planning, Retirement

Advice can offset retiree stress

Many Australians are concerned about their finances in retirement, but access to advice is available to many of them and they should seek it as soon as possible.

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Contributions

Work test has prior-year relevance

The work test is not just relevant for the financial year in which it applies to an SMSF member wanting to make a personal deductible contribution.

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ECPI

Don’t overlook tax in ECPI timing

SMSF members making a contribution late in the year to maximise exempt current pension income (ECPI) should be advised that an earlier move may be a better option when considering their tax position outside of the fund, an SMSF actuary has highlighted.

Making a contribution late in the year to maximise ECPI may not be the best strategy when an SMSF member takes a tax hit while waiting to contribute those funds.

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Compliance, SMSF, Trusts

Multi-fund trustees are dangerous

SMSF corporate trustee, compliance failures, Heffron, Sean Johnston, multiple funds, SIS Act, sole purpose trustee, Annie Dawson, ATO

While SMSF trustees have been warned not to use any company structure for a corporate trustee, that caution also should extend to how many funds are covered by a single trustee vehicle.

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financial advice, Pensions, Property, Retirement, SMSF, Superannuation

Debt-free retirement an advice opportunity

Financial advice to reduce mortgage advice will become increasingly crucial as more people carry debt into retirement.

Financial advice to reduce mortgage advice will become increasingly crucial as more people carry debt into retirement.

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Contributions

Third-party contributions delicate

superannuation contributions, SMSF, concessional contribution, Accurium, Anthony Cullen, transfer of assets, in-specie contribution, family trust, tax deduction

Contributions to an SMSF deemed to be made on behalf of a member by another party will count towards that person’s concessional cap.

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Pensions, Tax

Consider tax in indexation planning

Pension, transfer balance cap, indexation, SMSF, capital gains tax, Smarter SMSF, Tim Miller, pension commencement, SuperGuardian, exempt current pension income, ECPI, disregarded small fund assets, CGT, capital gains tax

Waiting for the indexation of the general transfer balance cap in July to start a pension may not be suitable for SMSF members staring down a large tax bill before the end of the financial year.

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financial advice, Investments, Property, SMSF, Superannuation

SMSFs stick with cash despite rate moves

RBA, ATO, Reserve Bank of Australia, Vado Private, Simon Arraj, SMSF assets, share market, credit,

SMSFs are holding onto cash despite a recent decline in term deposit and savings rates, which should prompt them to consider other sources of income.

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Documentation, Property

 Class adds title search functionality

Class has added the ability for SMSF practitioners to search for property titles and valuations after expanding the number of data feeds coming into its platform.

Class has added the ability for SMSF practitioners to search for property titles and valuations after expanding the number of data feeds coming into its platform.

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