News

Financial Planning

AMP planners receive legal action support

AMP planners legal action

The legal action the AMPFPA has proposed against AMP on behalf of its members has received significant support, increasing its likelihood.

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ATO, Residential Property

Funds given push on first home savings scheme

First Home Super Saver

The ATO will contact superannuation funds that have lagged in their efforts to release funds to first home buyer members who have requested their savings.

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Administration, ATO

ATO to help track unused contributions

unused contributions carry forward

Administrative assistance being offered by the ATO should make monitoring the amount of a person’s unused concessional contributions cap with a view to using the carry-forward contributions provision much easier.

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Pensions

Transaction timing can boost ECPI

transaction timing ECPI

SMSF trustees can boost their exempt current pension income (ECPI) by timing when they make fund transactions, according to an actuarial services provider.

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ATO, Superannuation

Illegal early release still area of concern for ATO

SMSFs illegal early release

The ATO has flagged an increase in the number of SMSFs being used for illegal early release of superannuation funds.

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Financial Planning, Regulation

AFA calls for grandfathered commissions transition

AFA grandfathered commissions transition

Financial advisers need time and guidance to find solutions for affected clients before the 2021 deadline for ending grandfathered commissions, the AFA says.

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Documentation, Superannuation

Inflexible residency test should be dumped

SMSFs residency test

The residency test for SMSFs is easy to fail and offers no incentives for trustees to re-comply when they don’t pass it, the Tax Institute has claimed in a letter to Treasury.

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ATO, Investments

ATO letters not indicative of fund failure

SMSF investment strategy diversification

Trustees who have received letters as part of the ATO probe into the investment strategies of SMSFs should not assume they are non-compliant, an SMSF expert says.

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Pensions

Reversionary pensions carry risks

Reversionary pensions BDBN

There are risks in establishing reversionary pensions for clients that could undermine estate planning strategies, a specialist SMSF lawyer has said.

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Financial Planning, Retirement

Advisers must provide specialist death benefits advice

SMSF death benefits advice

An SMSF strategist has said the super reforms mean advisers need to provide better solutions for clients upon the death of a member.

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