News

Unlisted property can boost SMSF diversification

October 30, 2019

SMSFs seeking more diverse investments can use unlisted property funds to gain access to a range of property asset classes, a property funds industry body says.

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ATO, Superannuation

Non-lodgement on the increase

October 29, 2019

Darin Tyson-Chan

The most recent ATO data has shown a jump in the number of newly registered SMSFs that have not logged the fund’s initial annual return.

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ATO

Move to real-time reporting more likely

October 29, 2019

Tharshini Ashokan

Real-time reporting of transfer balance accounts is very likely and the SMSF sector will move away from the periodic reporting concessions currently in use.

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Pensions, Superannuation

Transfer balance transactions trap for unwary

October 29, 2019

Jason Spits

Trustees should be aware that not all transactions aimed at reducing a transfer balance will actually do so and can leave a fund open to excess taxes.

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ATO, Financial Planning

ATO letters highlight value of advice

October 28, 2019

Jason Spits

The letters sent by the ATO to SMSFs with a high concentration to a single asset or asset class were a “brutal” approach to compliance, but have highlighted the value of advice, an SMSF expert has claimed.

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Documentation

SOA, investment strategy separate documents

October 28, 2019

Darin Tyson-Chan

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

October 28, 2019

Jason Spits

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

October 28, 2019

Darin Tyson-Chan

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

October 28, 2019

Tharshini Ashokan

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

October 24, 2019

Jason Spits

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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