News

Administration, Compliance, Documentation, SMSF

Old deeds can cause unwanted outcomes

SMSF Trust deed Update Review Death benefits LRBA

There are several triggering events that should necessitate an immediate review of an SMSF trust deed to avoid unintended consequences arising.

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AFCA, financial advice, Regulation

CSLR now in operation

Compensation Scheme of Last Resort CSLR Misconduct Financial services industry

Commencing today consumers can use the Compensation Scheme of Last Resort for unpaid monies from AFCA determinations.

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Legislation, NALI/NALE

Senate approves NALE bill

Senate House of Representatives NALI NALE SMSF Association Parliament

The Senate has passed a bill to amend the rules regarding non-arm’s length expenditure without opposition, advancing it to the House of Representatives for a third reading.

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Compliance, Education, SMSF

ATO education course takes shape

ATO Justin Micale SMSF trustee education illegal early access

The ATO will soon release the next stage of its SMSF trustee education material and has asked practitioners to reinforce its messages around preventing illegal early access.

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Investments, SMSF, Strategy

Investment strategy errors shared

The common mistakes SMSF trustees make over the fund’s investment strategy have been highlighted by a senior industry executive.

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financial advice, Legislation, Superannuation

QAR measures tabled in parliament

Quality of Advice Review Treasury Laws Amendment Bill Stephen Jones Financial advice fees Superannuation Financial Services Council Financial Advice Association Australia

A bill to implement the first tranche of recommendations from the Quality of Advice Review has been introduced into parliament.

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Compliance, LRBA, Trusts

LRBAs not good for vacant land

Single acquirable asset Vacant land LRBA Unit trust

SMSF trustees could face a compliance issue should they use an LRBA to purchase vacant land through their fund.

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Administration, Compliance, Regulation, SMSF

Court option open for disqualified trustees

Disqualified trustees Bankruptcy Wind-up SMSF Rollover APRA fund

While the super laws state disqualified SMSF trustees are unable to act on behalf of their fund, a recent court ruling has shown there are ways they can continue to make limited decisions for the benefit of the fund.

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Property, SMSF

Property development rules laid out

SMSF Property development SMSFRB 2020/1 Mark Ellem Accurium

SMSF trustees cannot claim they are unaware of the rules around property development, but ongoing advice may be helpful in ensuring they are properly applied.

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ETFs, Investments

Vanguard drops bond ETF fee

Vanguard ETF Management fee Reduction Vanguard Australian Government Bond Index ETF

The yearly fee associated with one of Vanguard’s most popular ETF products has been cut by several basis points.

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