News

Investments

Slow progress in closing super gender gap

New research shows the superannuation savings gap between men and women narrowed in the 2016 financial year, however, Australia’s largest super fund believes the gap is not closing fast enough.

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Strategy

Storm joins new digital platform provider

Industry stalwart David Storm has joined technology firm Spitfire Corporation to head distribution for its contemporary total wealth and single ecosystem digital platform supporting advisers to deliver a consolidated offering to clients.

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Regulation

Poor understanding of hybrid risk remains

A majority of SMSF investors who hold hybrid securities do not appreciate all of the risks associated with the investment, according to BetaShares.

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Investments

Alternative wealth accumulation structures

The reduction in the non-concessional contribution cap to $100,000 a year and to nil for clients with total super balances of $1.6 million or more has meant many clients are seeking alternative wealth accumulation vehicles.

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Strategy

Retirement income strategy not disruptive

retirement phase TRIS

The proposed requirement for SMSFs to develop a retirement income strategy is not expected to be a major issue for trustees to implement, though planning for longer periods may have some repercussions, an SMSF specialist adviser has said.

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Accounting

Long road to repairing adviser reputation

A report naming the top 50 financial advisers for 2018 is a positive step in helping to rebuild the advice industry’s battered reputation, but the road to redemption will be long, according to an SMSF industry body.

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ATO

ATO confirms ECPI requirement

The ATO has confirmed its position on the requirement for actuarial certificates to claim exempt current pension income (ECPI) when an SMSF switches from using the segregated and unsegregated asset method at different time during a financial year.

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Regulation

Six-member fund pitfalls underscored

An industry law firm has warned of the potential downsides of having six members in an SMSF.

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Compliance

More change to super inevitable

Individuals can expect the federal government to implement more changes to the superannuation system in the years to come to accommodate the changing population patterns that have occurred since the defined contribution framework was first introduced by then-treasurer Paul Keating, a retirement income expert has said.

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ATO

Super protection bill introduced into Parliament

The federal government introduced the Treasury Laws Amendment (Protecting Your Superannuation Savings Package) Bill 2018 into Parliament today.

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