News

Retirement

Retirement assumptions may be wrong

Retirement income Challenger Capital Preferences Superannuation annuity

A new study has found retirement income choices and preparedness are highly individualised and government modelling of cohorts may lead to inaccurate outcomes.

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ETFs

BlackRock adds iShares ETFs

BlackRock iShares ETF Exchange traded fund

BlackRock will add three additional options to its iShares style-based suite of exchange-traded funds.

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ATO, Legislation, Regulation, SMSFA

SIS changes raise oversight concerns

SMSF Association ATO Oversight Regulations SIS Act

The SMSF Association has questioned the long-term outcomes of proposed changes to the fund registration process that move oversight from superannuation legislation to regulations.

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Administration, BDBNs, Death benefits, Documentation

Case shows need for BDBN paper trail

SMSF BDBN Capacity Death benefit NSW Supreme court

The NSW Supreme Court has deemed a BDBN made on the day of an SMSF member’s death valid, despite a challenge in relation to the deceased’s capacity to execute the document.

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financial advice

FAAA illustrates simple advice concept

Financial Advice Association of Australia FAAA Sarah Abood Quality of Advice qualified adviser simple advice

The potential application of simple advice provided by qualified advisers as a result of the Quality of Advice Review has been illustrated the FAAA.

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Accounting, Education, Superannuation

Super literacy low for cash-strapped

Financial literacy Superannuation Ecstra Foundation

Financial literacy around superannuation is poor for many lower-income people, who still question why they can’t access their funds until retirement age.

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Contributions, Superannuation

TBC to remain at $1.9m

Transfer balance cap Superannuation contributions non-concessional contribution concessional contributions bring forward contributions

The general transfer balance cap will stay at the current level for the next financial year, but contribution cap changes will add confusion to bring-forward thresholds

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Administration, ATO, SMSF

Don’t ignore ATO contact

SMSF registration process Establishment ATO contact Trustee declaration

Trustees of new SMSFs should be aware the ATO may contact them and it is vital they respond to ensure their fund is registered with the regulator.

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Contributions, NALI/NALE, Regulation

Asset shortfall a NALI risk

NALI SMSF Asset transfers LCR 2021/2 Contributions market value

SMSF practitioners and trustees have been warned about the potential NALI risks involved when transferring assets into a fund.

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ATO, financial advice

FAAA pushes for tax portal access

FAAA ATO portal access Tax data Financial advisers

The FAAA has urged the government to permit financial advisers to access clients’ tax information in order to simplify the advisory process.

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