News

ATO, Compliance, Superannuation

Illegal early access help sought

ATO Illegal early access Illegal early release Non-lodgement Voluntary disclosure service

Practitioner assistance has been sought by the regulator to help reduce and potentially eliminate the illegal early access of super benefits.

read more
Accounting

Check declarations in older trust deeds

SMSF Trust deed Trustee declaration Accurium SIS Act SIS Regulations

Older SMSF trust deeds may not contain a declaration that the trustees will comply with their legal obligations and this should be revisited, especially where changes have taken place in that document.

read more
Administration, Compliance, Contributions

Second splitting request not allowed

Contribution Splitting Splitting application Concessional contribution SMSF

SMSF members only have one opportunity to make an application to split a concessional contribution with a spouse in a given financial year.

read more
Compliance, In-house assets, Investments, Regulation

Related-party challenge recognised

ATO Paul Delahunty Related parties In-house assets Part 8 associates

The difficulty trustees may have in complying with the related-party rules has been noted by the ATO in the context of the total number of SMSF members.

read more
ATO, Compliance, financial advice, SMSF, Superannuation

Early release needs wider examination

SMSF Superannuation Illegal early release Early access CAANZ Chartered Accountants

The early release of superannuation should be addressed by looking at who is providing advice, but also reforming the rules to prevent inappropriate access.

read more
AFCA, Compliance, Regulation

Declaration can be used as disclaimer

Disclaimer Trustee declaration statement AFCA Legal protection

Practitioners may reissue fund establishment documents to SMSF clients as a precautionary measure to protect against potential legal threats in the future.

read more
Appointments, Regulation

Government names CSLR chair

CSLR Compensation Scheme of Last Resort Jo-Anne Bloch

The federal government has appointed a former FPA chief executive as the chair of the Compensation Scheme of Last Resort board.

read more
Investments, Platforms

OpenInvest adds another Melbourne firm

OpenInvest Lanteri Partners

OpenInvest has continued to partner with advice firms in providing online investment solutions, assisting Lanteri Partners to deliver five portfolio options to clients.

read more
financial advice, Investments, SMSF

Role determines wholesale status

Wholesale client Retail client SMSF Financial advice

The wholesale client provisions are complex and advisers must determine the SMSF role an individual is acting in before using them.

read more
BDBNs, Death benefits, Estate Planning

Review fund deed when circumstances change

BDBN Seperation De facto Trust deed SMSF

It is crucial to review the trust deed of a fund in the breakdown of a spousal relationship to ensure estate planning strategies can continue to operate as intended.

read more

Copyright © SMS Magazine 2024

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.