News

Compliance, Documentation, Property

Long-term record-keeping recommended

SMSF property development record keeping ATO NALI audit

Lengthy retention of records related to property development by an SMSF is recommended given the ATO’s increased focus on the past actions of some funds.

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Education, financial advice

SMSFA pushes for lower adviser exam fee

SMSF Association financial adviser exam Treasury consultation costs reduction

The SMSF Association has requested a reduction in the sitting fee for the financial adviser exam and backed a government proposal to change certain provisions of the test.

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NALI/NALE, Property

NALI used to identify property issues

SMSF property development NALI ATO Sladen Legal Phil Broderick

A legal expert has identified the ATO is using NALI compliance to target property development in SMSFs while hardening its stance on penalties.

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Death benefits, SMSF, Succession Planning

Smaller SMSFs more practical

SMSF Succession planning Governing rules Enduring power of attorney Membership of a fund

An SMSF containing a small number of people is likely to experience fewer issues when planning for the death or incapacity of a member.

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Retirement, Superannuation

Australians find comfort in super

Superannuation Superannuation system Retirement savings Super Members Council

Most Australians have a high degree of confidence in both the country’s superannuation system and their personal super savings to achieve their financial goals.

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Education, financial advice

FAAA backs adviser exam changes

Financial Advice Association Australia FAAA Sarah Abood Financial adviser exam

The peak industry body for the financial advice profession has strongly supported proposed changes to the financial adviser exam.

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Compliance, Documentation, SMSF

Extended absence okay for control

SMSF central management and control Australian superannuation fund CMC

The central management and control test required for an SMSF can be satisfied even if trustees are located overseas for more than two years.

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ATO, Death benefits

Benefit treatment not clear cut

ATO SMSF Death benefit Member benefit treatment

The tax implications for a superannuation benefit paid after the unexpected death of a member will depend on several factors.

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ETFs

US approves bitcoin ETFs

Securities and Exchange Commission SEC Spot bitcoin ETF Exchange traded fund Global X Betashares

The US financial regulator has approved the use of ETFs that invest directly into bitcoin cryptocurrency, with the decision hailed as a sign of confidence in the asset.

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financial advice

FAAA sets out focus areas for 2024

FAAA Advocacy Financial advice Financial advisers

The Financial Advice Association Australia has highlighted making financial advice more affordable and attracting more advisers to the profession as key focus areas for 2024.

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