News

Retirement

Importance of family trusts increases

Family trusts are increasingly being used for retirement planning purposes since the government’s changes to superannuation, but must still be regularly updated to work with changes to the law and family circumstances.

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Documentation

Unsigned, undated deed updates overlooked

SMSF trustees should check their latest SMSF deed to ensure it is properly dated and signed as unsigned or undated deeds can result in the fund being non-compliant, an SMSF specialist adviser has warned.

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Regulation

Downsizer, First Home Super Saver laws passed

Parliament has legislated the downsizing measure that will allow older Australians to contribute the proceeds of the sale of their family home to super, and the First Home Super Saver Scheme (FHSSS) where first-home buyers can save for a deposit inside their super fund.

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Documentation

Change of trustee a negligence risk

An SMSF change of trustee document could be a “time bomb” if not properly drafted by a lawyer, due to the numerous hurdles to overcome in order to ensure a valid removal and alteration.

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Investments

Stake opens US access with SMSFs in mind

Fintech platform Stake has announced the beta launch of Stake Premium, which will provide SMSF investors with direct access to United States share trading without charging any trading fees or commissions.

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ATO

Relaxed TBAR regime welcomed

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The SMSF community has expressed its approval of the announcement from the ATO as to what the rules governing total account balance reporting (TBAR) for superannuation funds will be.

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Superannuation

Pension overpayments require vigilance

While the issue of SMSF members meeting their minimum pension payments has received much attention since the new super rules commenced, the overpayment of pension income is equally as crucial an area to monitor, a specialist industry law firm has warned.

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ATO

Pre-emptive strike on questionable strategies

A whistle.

The ATO’s warning on risky retirement planning arrangements, made recently as part of its Super Scheme Smart initiative, was carried out to prevent

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Documentation

Heffron releases certificate on BGL

SMSF administration developer BGL Corporate Solutions and SMSF specialist firm Heffron SMSF Solutions have announced the availability of Heffron’s actuarial certificate service through BGL Simple Fund 360.

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ATO

TBAR represents quantum shift for practitioners

The ATO processes that will implement the new super reforms mean advisers, accountants, tax agents and other professionals working with SMSFs must change and adapt to a new world of reporting, particularly the transfer balance account report (TBAR) regime.

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