News

Superannuation, Tax

Election highlights contrast in super policies

Long held and distinct ideological positions are being presented in the superannuation and tax policies of the two major political parties.

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Financial Planning

No advice gap created by departure of ‘deadwood’

Exit sign for adviser leaving their jobs

An advice gap is unlikely to occur with the departure of some financial advisers as they were ‘non-productive’ already, a consulting firm has claimed.

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ATO

Disqualified trustee numbers decline

The ATO has released a register of about 3000 disqualified SMSF trustees, showing the level of disqualifications has continued to fall.

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Financial Planning

New video series reinforces value of advice

Advisers have been provided with a new education tool in the form of a video series to assist them with their client-facing activities.

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Strategy, Superannuation

Fund balance questions overlook pooling advantage

Small wooden figures illustrating a pool of people and fund balances in an SMSF

Concerns about member balances in SMSFs overlook the fact many funds are set up with multiple members boosting the fund balance, according to Class Super.

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ATO, Auditing

ATO outlines auditor checklist to cut re-reporting

The ATO has provided a checklist for auditors to reduce the level of re-reporting linked with transfer balance caps.

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Estate Planning, Superannuation

Court rules on injured child BDBN

A recent court ruling conferred power to an incapacitated child’s mother, authorising her to implement a binding death benefit nomination with regard to the child’s superannuation benefits.

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Strategy

Corporate trustee not foolproof

Sign reading caution as warning on use of corporate trustee stuctures in SMSFs

Significant events such as having a fund member die can highlight the flaws contained within a corporate SMSF trustee structure, according to an industry strategy specialist.

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LRBA, Tax

LRBA benchmark failures will create NALI dangers

Out of date LRBA loan rates may result in an SMSF being considered as receiving non-arms length income and taxed accordingly by the ATO.

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ATO, Cryptocurrency

ATO to review SMSF cryptocurrency purchases

The ATO has started reviewing transaction data to ensure SMSFs who invest in cryptocurrency are complying with their tax obligations.

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