News

Compliance, Tax, TPB

Jones plans tax agent code meeting

Code of Professional Conduct Tax Practitioners Board TPB Stephen Jones IFPA Institute of Financial Professionals Australia Tax Agent Services (Code of Professional Conduct) Determination

The government has invited a group of industry bodies to air their concerns over changes to the tax agent code of conduct, with mandatory reporting being a key issue of concern.

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Accounting

Betashares completes Bendigo Super purchase

Betashares Bendigo Superannuation Acquisition Alex Vynokur

Betashares has completed the purchase of the superannuation operations of Bendigo and Adelaide Bank and plans to expand its service offering to members

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Property

Property upgrade funding tricky

Related party Accurium Mark Ellem SMSF Self-managed super commercial property improvements

Having a related-party tenant of an SMSF commercial property pay for improvements to the asset can pose a real risk of breaching the SIS Act.

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financial advice

Second Dixon-style case looming

Financial Advisers Association Australia FAAA Sarah Abood Dixon Advisory Libertas Financial Planning Compensation Scheme of Last Resort CLSR

The FAAA has raised concerns that a second listed financial advice group may have walked away from its compensation commitments, highlighting problems with the CSLR funding model.

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Education, fraud

Educate clients about scams

SMSF Association Peter Burgess Scams superannuation

The SMSF Association has asked members to inform clients about the dangers of scams targeting their super and help them report schemes they come across.

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Investments

An opportune time to rethink asset allocation

Alan Greenstein Zagga asset allocation private credit

The proposed introduction of the new tax on total super balances over $3 million presents a good opportunity to review SMSF asset allocations.

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Pensions

TR 2013/5 update has TRIS impact

Transition to retirement income streams TRIS Minimum pension SMSF Self-managed superannuation Mark Ellem Accurium

The impact of the update to TR 2013/5 will not be confined to retirement-phase pensions and will extend to transition-to-retirement income streams as well.

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Death benefits, Estate Planning

Deed must allow executor appointments

Knowledge Shop Jason Hurst SMSF trust deed Executor Self-managed superannuation Death benefits SIS Act

SMSF trustees who want their executor to act for them inside their fund must ensure the deed allows that appointment as the law will not force that action.

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ATO, Compliance

Penalty regime for promoters updated

ATO Promoter penalty regime PSLA 2021/1 Illegal early access superannuation

The ATO will have more time and a wider brief to target those who promote schemes to gain illegal early access to superannuation.

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Pensions, Retirement

Age pension falling short

age pension guaranteed income Allianz Retire+ Allianz Australia Adrian Stewart

The age pension is regarded as insufficient by most retirees, leading to a growing interest in working longer and securing guaranteed retirement income streams.

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