News

Pensions

Legacy pension proposals a win

SMSF legacy pensions SMSF Association Peter Burgess draft regulations consultation

Proposed regulations to allow simple exits from legacy pensions are a positive result for the SMSF sector, which has called for their introduction for five years.

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financial advice, Regulation

Dixon Advisory inquiry to go ahead

Dixon Advisory Inquiry FAAA Financial Advice Association Australia

A public inquiry will be held into the collapse of Dixon Advisory after the FAAA secured support for the move in parliament.

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financial advice, Regulation

Advice reform regulations tabled

Treasury Laws Amendment (Delivering Better Financial Outcomes) Regulations 2024 Delivering Better Financial Outcomes Quality of Advice Review QAR

Regulations to deliver on reforms proposed in the Quality of Advice Review have been tabled by Treasury, with some taking immediate effect.

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Pensions

Govt unveils legacy pension exit plan

legacy pensions reserves lifetime pension life expectancy pension market-linked income streams commutation regulations Stephen Jones

The government has released plans that will open a five-year window for SMSF members to exit legacy pensions and allocate reserves to specific members without impacting contribution caps.

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Documentation, SMSF

All new client docs need reviewing

SMSF documents

Practitioners need to sight and review all relevant SMSF documents and not just those that are easy to access when looking take on a new client.

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AAT, Contributions, Tax

AAT rules unused super caps must apply

AAT Administrative Appeals Tribunal ATO Unused concessional contributions Carry-forward concessional contributions WTBW and Commissioner of Taxation [2024] Income Tax Assessment Act 1997 Division 293 tax

The AAT has upheld the ATO’s rejection of a taxpayer’s claim they can choose whether to apply the unused concessional contributions cap carried forward from previous years.

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Retirement

Retirement funding sources to evolve

2024 Super Members Engagement Report Investment Trends Retirement Superannuation savings Irene Guiamatsia Age pension

Australians expect to rely less on the age pension and more on their own superannuation savings, investments and their partner’s savings as income to support their retirements.

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NALI/NALE, Tax

Scheme needed to trigger NALI

Non-arm's-length expenditure Non-arm's-length income NALE NALI Scheme Income Tax Assessment Act (ITAA)

In determining if an SMSF has a NALI or NALE issue, it must first be established if a scheme exists with the arrangement in question.

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Contributions, Strategy

Contribution split equal balance not required

Contribution splitting Concessional contribution Spouse Age pension

Using contribution splitting to intentionally keep super balances uneven is a legitimate strategy that opens up other opportunities for members to access or grow their funds.

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BDBNs, Estate Planning, SMSF

BDBN execution hinges on witness process

BDBN Binding death benefit nomination Executor Will In the matter of Gainer Associates Pty Ltd Estate planning

A recent NSW Supreme Court case has underscored the estate planning risks associated with not properly executing a binding death benefit nomination tied to an SMSF.

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