News

Insurance

Wrong insurance premium payments may hit pensions

SMSF life insurance premiums

SMSF members paying life insurance premiums from their fund may lose its benefits if they don’t fully consider which fund account will provide the payments.

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Accounting, Superannuation

SMSF sector leads in growth, assets

SMSF sector growth assets

A new report into the financial services industry has highlighted the strong growth of the SMSF sector, which continues to hold a dominant place within superannuation.

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Estate Planning

Advisers should recognise death benefit red flags

estate planning death benefit strategies

Better estate planning outcomes can potentially be achieved if advisers identify concerning aspects of death benefit strategies at their outset, according to an SMSF technical expert.

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Financial Planning, Regulation

Government puts an end to grandfathered commissions

end grandfathered commissions advisers

The government is set to introduce legislation that will end the grandfathering of conflicted remuneration to financial advisers by 1 January 2021.

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Education, FASEA

FASEA boosts exam locations, first results to come

FASEA adviser exam results

FASEA has released the dates and locations for the next two rounds of its mandatory adviser exam, including new regional locations, but will take another two weeks before it releases results from the first round of exams.

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Pensions, Tax

Pension can retain entitlements even when member dies

pension earnings entitlements

Non-reversionary income streams paid out through pensions can retain earnings entitlements and tax exemptions even when a member dies before payout.

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ATO, LRBA

Business as usual for LRBA, NALI reporting

ATO reporting NALI LRBA

The ATO has announced SMSFs should continue reporting LRBAs and NALI according to existing instructions until pending changes in these areas pass into law.

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Auditing

SMSF Association commends ASIC auditor action

ASIC SMSF auditor action

The SMSF Association has applauded ASIC’s tough stance on auditors who failed to meet their professional standards.

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Superannuation

SG increase to benefit certain workers

increase superannuation guarantee benefit

An industry consultant has said low-to-middle-income earners will benefit from a rise in the super guarantee levy from 9.5 per cent to 12 per cent.

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ETFs, Investments

Global exposure growing in importance

SMSF allocation international assets

Having an investment allocation to international assets is increasing as a priority for SMSF trustees, according to the latest sector research.

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