News

Inflexible residency test should be dumped

September 10, 2019

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

September 10, 2019

Tharshini Ashokan

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

September 10, 2019

Darin Tyson-Chan

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

September 10, 2019

Darin Tyson-Chan

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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ATO, Auditing

ATO to ramp up SAN misuse scrutiny

September 9, 2019

Jason Spits

The ATO will review the use of SANs each year after finding a high number of possible breaches by hundreds of tax agents.

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Financial Planning

Limited licence advice system has caused confusion

September 9, 2019

Darin Tyson-Chan

A call has been made by a partner in a large chartered accounting firm for the introduction of a better licensing system for SMSF advisers.

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ATO, Investments

ATO letters ensuring good fund management

September 9, 2019

Darin Tyson-Chan

A specialist SMSF lawyer has described the ATO’s decision to scrutinise the investment strategy of certain funds as no cause for alarm.

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Estate Planning

Topdocs upgrades estate planning capability

September 9, 2019

Jason Spits

Topdocs has improved the range and content of its estate planning documentation and partnered with a legal service to connect advisers with legal firms.

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Compliance, Investments

LEI deadline closes at end of the month

September 9, 2019

Jason Spits

A legal entity identifier will need to be obtained by SMSF trustees wanting to invest in offerings such as contracts for difference after 30 September this year.

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Regulation, Superannuation

Certainty needed on govt work test proposal

September 5, 2019

Tharshini Ashokan

The government must act swiftly on its proposal to extend the work test age in order to avoid placing members anticipating the changes at a disadvantage, an SMSF expert says.

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