News

Compliance

Automation equals compliance: BGL

BGL Corporate Solutions believes automation is a must when it comes to meeting the new SMSF reporting requirements as a result of the superannuation changes commencing on 1 July.

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Practice Management

Automation can up efficiency, but traps exist

A panel of financial services industry executives has suggested automation in the form of robo-advice can help accountants service smaller clients more efficiently, but recognition of the pitfalls associated with automation need to be considered before its implementation.

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Compliance

Super reforms spark self-doubt

The impending changes to the superannuation rules and the length of time the process has taken are causing advisers to question their understanding of the retirement savings system, according to a technical consultant in the industry.

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Strategy

Three client strategies vital for SMSFs

Advisers need to discuss three crucial strategies that are required for every SMSF client as the current number of funds with all three in place is low, an SMSF strategist has said.

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Accounting

Accountants, planners should merge strengths

Accountants should not regard financial planners as competitors and should instead use them to complement their existing client value proposition, a senior advisory executive has said.

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LICs

Ethical LIC will appeal to SMSFs

Ethically screened listed investment company (LIC) Morphic Ethical Equities Fund, the first launched in over a decade, is expected to align well with SMSF investors’ growing desire for environmental, social and corporate governance, and responsible investing.

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Business News

Greiner, Ripoll appointed to SMSFA committee

The SMSF Association public policy committee has announced former New South Wales Liberal premier Nick Greiner and former federal Labor parliamentary secretary Bernie Ripoll as its latest members, in a move the body said would support the right policy settings for retirement incomes.

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Superannuation

Contributions in excess of SG fall

Little plastic pink pigs in a jar.

The proportion of superannuation members contributing above the compulsory superannuation guarantee (SG) level has declined substantially since 2010, according to the latest Roy Morgan research.

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Practice Management

Monitoring $1.6m may be less taxing than RBLs

Keeping tabs on clients’ balances not exceeding the $1.6 million transfer balance cap may not be as challenging as the days of reasonable benefit limits (RBL), a technical expert has said.

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Compliance

SMSF pension reporting details still unknown

The real-time pension reporting requirements for SMSFs are still yet to be determined after a recent announcement on the subject excluded any compliance standards for the sector.

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