News

Superannuation

Early access impact overstated

early access impact

The impact of a $10,000 early access benefit on superannuation balances has been overestimated, with new modelling suggesting the decrease would be marginal.

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Auditing

Auditors off hook for rent relief breaches

auditors rent relief breaches

Contraventions of super laws that might arise as result of rental relief measures do not need to be reported by auditors for the current financial year, the ATO says.

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ETFs

ETFs passing market test

ETFs markets COVID-19

Investor confidence in ETFs improved in February and March when markets were experiencing the most significant COVID-19-driven period of volatility.

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Appointments

CAANZ appoints new CEO

Chartered Accountants CEO

CAANZ has appointed a former lawyer and senior Westpac staffer as its new chief executive four months after announcing the departure of Rick Ellis.

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Financial Planning, Superannuation

New ROAs put onus on clients

early access advice

Template record of advice (ROA) documents released by five professional bodies have made it clear early access advice will be limited and at the request of consumers.

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Pensions

Care needed on asset sale from income stream

income stream asset

Trustees selling an asset segregated to a retirement income stream should document that strategy in advance to avoid ATO scrutiny over any capital gains.

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Investments

Trustees slow to adopt managed accounts

SMSF managed accounts

SMSFs have been slow to adopt managed accounts as part of their investment holdings despite solid growth in their use outside superannuation and among financial advisers.

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Direct Property

Fragmented property model key to advice gap

fragmented property model

A gap in the financial advice market has the potential to be filled due to the introduction of the fragmented property investment model, a wealth specialist has said.

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Superannuation

Widening early access unlikely

Early superannuation access

Legislative amendments that would allow more Australians to access their superannuation benefits early as a COVID-19 economic relief measure are unlikely, according to an industry body.

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Pensions

Fintech firm aiming for better pension models

Fintech pension balances

SMSF members will be able to better predict their future pension balances via a new series of apps under development by a retirement-focused fintech firm.

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