News

Administration, Compliance, Superannuation

Fund guardians key in mitigating litigation

SMSF members would be wise to appoint a fund member guardian in addition to an enduring power of attorney (EPA) to safeguard their fund should they lose mental capacity.

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Strategy, Superannuation

New rules have impact on SMSF contributions

The average contribution to SMSFs more than doubled in the June quarter after trustees took advantage of new legislation that increased contribution deductibility from July 2017.

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Administration, Compliance

New NALI rules still ambiguous

Advisers require more ATO guidance on what are considered to be ‘internal arrangements’ under the proposed new non-arm’s-length income (NALI) rules as they attempt to navigate clients through the uncertainty ahead, according to a lawyer.

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Investments

Saxo adds CHESS on back of SMSF demand

Saxo Capital Markets has added the Australian Securities Exchange’s Clearing House Electronic Subregister System (CHESS) capability for Australian equities to its offering following strong demand from SMSFs and baby boomers.

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Compliance, Education

Calls for pragmatic approach to FASEA

The Financial Planning Association of Australia (FPA) has called for enhancements to the proposed guidance on the framework for financial adviser education in order to ensure fairness and appropriateness.

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ASIC, Compliance

ASIC warns advisers on best interest duty

The corporate regulator has used the upholding of a ban on a former Westpac adviser who advised clients on SMSFs as a reminder to financial advisers of the importance of complying with the best interest duty and conducting reasonable investigations to ensure their advice is in the best interests of clients.

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Investments, Strategy

ESG investment decision-making

Global environmental, social and governance (ESG) assets under management grew by an estimated 73 per cent globally over the space of four years to December 2016.

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Retirement, Strategy, Superannuation

TRIS now a short-term strategic tool

A transition-to-retirement income stream (TRIS) should be viewed purely as a short-term strategy to enable SMSF members to withdraw money from the accumulation account of the fund, a sector strategist has said.

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Investments, Strategy

Research debunks SMSF cash myth

The latest quarterly analysis of SMSF investments has revealed a significant decrease in cash holdings, following the massive spike in cash contributions to super funds during the last quarter of the 2017 financial year.

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Auditing

Audit change weakens women’s super

A survey of SMSF professionals has revealed a change to triennial audits could compromise the protection of vulnerable trustees’ super retirement benefits.

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