News

Compliance

SMSFs must tackle looming dementia issue

The reality of mental incapacity later in life needs to be urgently addressed by all SMSF trustees and practitioners to protect against complex scenarios and outcomes, an SMSF expert has warned.

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Compliance, Superannuation

Court confirms attorney powers for BDBNs

In a significant judgment, the Supreme Court of Queensland has confirmed an attorney has the power to make, renew or extend a superannuation binding nomination on behalf of a member.

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Superannuation

Industry body welcomes new ministers

The SMSF Association has emphasised it is keen to discuss Labor’s proposal to scrap cash refunds for excess dividend imputation credits with the relevant new ministers in Prime Minister Scott Morrison’s government.

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Strategy, Superannuation

Accumulation account cashing out considerations

Many wealthier super members took action in 2016/17 to reduce their retirement-phase pension accounts to $1.6 million. At the time, they generally did so by rolling back the excess to an accumulation account because this was often the simplest and quickest approach to take.

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Investments, Portfolio Construction, Retirement

SMSFs confident in navigating retirement

Decision-making in retirement is generally better embraced and managed by SMSF trustees compared to non-SMSF superannuants, an investment manager has said.

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Regulation

All SMSFs will feel brunt of PC findings

No SMSF can escape being affected by the Productivity Commission’s draft report into competition and efficiency in superannuation and its findings about the SMSF sector, according to Chartered Accountants Australia and New Zealand (CAANZ).

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Insurance, Superannuation

Salary sacrifice has risk insurance benefits

Having temporary and permanent disablement insurance cover inside or outside of their superannuation fund is an arrangement that can allow an individual to benefit from more than just the payout from the policy in the event of a debilitating incident, a technical expert has said.

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Auditing

Reduce audit scope, not frequency

SMSFs with a history of good record-keeping should be allowed to reduce the scope of their annual audit instead of moving to a three-year audit cycle, according to Pitcher Partners.

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Superannuation

Living expenses for retirees on the rise

The latest Association of Superannuation Funds of Australia (ASFA) statistics into retirement lifestyles has shown a jump in the cost for retirees during the June 2018 quarter, driven mainly by clothing, transport and health services.

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Estate Planning

New tool simplifies estate planning

SuperCentral has announced a first-to-market estate planning tool, Ask.Will, aimed at helping advisers initiate estate planning discussions with clients through a simplified process.

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